Fairfield, New Jersey —Astorg Partners has agreed to buy the majority interest in Megadyne for an undisclosed sum.
Astorg to buy PU belt maker Megadyne
It will officially purchase the belting manufacturer from the Tadolini family, the Fondo Italiana d’Investment and other senior managers. Current shareholders—including Giorgio and Marco Tadolini, Fondo Italiano, and current management of Megadyne. The former investors will reinvest in the company to retain a minority stake.
The deal is subject to approvals from competition and regulatory authorities.
Mathi, Italy-headquartered Megadyne is a large producer of polyurethane and rubber belts used for industrial applications . The company has a global footprint. Fairfield-based Jason Industrial Inc., a Megadyne Group company and the Italian firm’s US business, is included in the transaction.
Megadyne has been growing steadily and is positioned to continue expanding both organically and via acquisitions, said Philip Cohenca, president and ceo of Jason and a shareholder of Megadyne. Once the transaction is complete, he’ll become one of the minority owners of the firm.
This story by Mike McNulty first appeared in Rubber and Plastics News
