Mandarin Capital sells Gasket

The buyer acquired the 70% stake held by MCP and the 30% shareholding held by the founding family.

The new owner will drive the expansion of Gasket's oil & gas valve applications.

Previous funding
MCP bought a 70% stake in the firm in 2008, with the founding family retaining the balance. The transaction was the first completed by MCP since its launch in 2007, according to unquote" data. A debt package to support the deal was provided by Intesa Sanpaolo.

Company
Founded in 1971 and based in Bergamo, Gasket International specialises in the manufacture of industrial metal gaskets, valves, mould construction, elastomers and polymer moulding for use in the chemical and petrochemical sectors.

Since the original buyout, the firm has grown its revenues from €33m to €72.5m. Under the ownership of MCP – a Chinese and Italian investor – the firm launched a Chinese subsidiary with revenues in excess of €22m.

People
Lorenzo Stanca and Enrico Ricotta handled the 2008 operation for Mandarin. Ricotta worked on the divestment of the asset. Paolo Bergamini will remain CEO of the firm, after his appointment in 2008 as part of the buyout.

Advisers
Vendor – Robert W Baird (Corporate finance); Deloitte (Financial due diligence, tax); R&P Legal (Legal).

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