FAIRFIELD, N.J.—Astorg Partners has entered into an agreement to acquire a majority interest in Megadyne S.p.A. for an undisclosed amount.
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 investment.
The deal is subject to approvals from relevant competition and regulatory authorities.
Mathi, Italy-headquartered Megadyne is a large producer of premium polyurethane and rubber belts used for industrial applications with a global footprint. Fairfield-based Jason Industrial Inc., a Megadyne Group company and the Italian firm's U.S. arm, is included in the transaction.
Megadyne has been growing steadily over the last several years and has reached a point where it 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.