GE Equity, the private equity arm of General Electric, has backed Nuova Bianchi, an Italian vending machine manufacturer with a $9m (€10.2m) investment.

GE Equity laid off a third of its investment staff and closed its San Francisco office last week because of a contraction in the private equity market. It is funding Nuova Bianchi's growth in international markets and plans to float the company within three to four years.