Astorg Partners buys majority stake in Megadyne

Amy King
16 June 2014

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Astorg Partners has bought a majority stake in Italian belts and pulleys manufacturer Gruppo Megadyne from Fondo Italiano di Investimento, the Tadolini family and senior management.

The former shareholders have reinvested to retain a minority shareholding in the company.

Under Astorg's ownership, Megadyne will focus on organic and acquisitive growth via large international acquisitions. An initial public offering of the asset is cited as a possible element in the company's future growth strategy.

Previous funding
In August 2012, Fondo Italiano committed €20m to Megadyne in exchange for a minority stake. The investment was designed to underpin the firm's international growth.

Company
Founded in 1957 and based in Mathi, Megadyne produces polyurethane and rubber belts, pulleys and complementary products for a range of industrial sectors.

The company employs 1,600 staff worldwide, across 10 manufacturing sites and 33 commercial branches in Europe, Asia and America.

People
Lorenzo Baraldi, Stefano Tatarella and Francesca Elia worked on the deal for Fondo Italiano. Astorg was represented by Francois de Mitry, Lorenzo Zamboni, Nicolas Marien, Benjamin Dierickx, Jacques-Henry Grislain.

Advisers
Company – Rothschild, Irving Bellotti, Riccardo Rossi (Corporate finance); NCTM, Pietro Zanoni, Pietro Rossi Cairo (Legal); KPMG, Massimiliano Di Monaco (Corporate finance).
Equity – Leonardo & Co, Andre Pichler, Cristiano Cirulli (Corporate finance); Bonelli Erede Pappalardo, Mario Roli, Calogero Porrello (Legal); EY, Umberto Nobile, Pasqualina Cosentino, Roberto Lazzarone, Mauro Scognavilla (Financial due diligence); LEK Consulting, Serge Hovsepian, Frédéric Dessertine, Maxime Julian (Commercial due diligence).