Italian Government sponsored private equity operator Fondo Italiano di investimento announced the divestment of its stake in Megadyne, a leading italian group producing belts and pulleys for industrial uses. The aquiror is French private equity operator Astorg which will take a majority stake in Megadyne’s capital, while Fondo Italiano will reinvest a small minority (download here the press release).
Last April a sale process has been put forward on Megadyne with Rotschild as the mandated advisor. After MF-Milano Finanza and BeBeez articles (see a previous post of BeBeez), Fondo Italiano published a statement telling that “Megadyne is valuing, through a mandated advisor, possible alternatives for extraordinary transactions going from merging with other companies in the sector to listing on a Stock Exchange”.
Fondo Italiano invested a total of 22 millions euro in equity between 2012 and 2013 in the company for a 14.13 pct stake. Fondo Italiano will reivnest about 15 million euros in the company for a 5pct stake, while founders Giorgio and Marco Tadolini will reivnest for a 20 pct stake and managers will control a 5 pct stake.
Megadyne closed year 2013 with a growth in revenues and ebitda up from 192.7 millions of consolidated revenues in 2012 and 79.4 millions in ebitda. The company, with 1,600 employees, 10 manufacturing plants around the world and 33 commercial sites in Europe, Asia and America, has been valued 400-450 million euros, included debt, Milano Finanza wrote. Astorg fund invested more than 250 million euros in equity.
This is the second divestement in one week for Fondo Italiano after the sale of its stake in Eco Eridania’shareholders capital last June 9th (see a previous post of BeBeez).