While Megadyne intends to continue to grow organically, which it does regularly, it is not finished with its search for additional acquisitions that tie in well with the company's plan to become the top global company in its field, said Thomas Tesoro, vice president of sales and marketing for Jason.
Megadyne and Jason are very selective about the firms they purchase. The company doesn't buy businesses, dump managers and work forces, and consolidate everything under one roof.
It acquires operations that not only tie in with Megadyne's overall growth plan, but also generally have strong management teams and experienced personnel, Cohenca said.
“We want to become the global leader in lightweight and power transmission conveyor belting,” he said. “We're a service-oriented, technologically advanced belt manufacturer and distributor. We're strategically located in North America, South America, Asia and Europe.”
In addition to Jason, Megadyne's North American group includes Megadyne America, which makes open ended and endless polyurethane synchronous belting and is based in Charlotte, N.C., and Timing Belt Manufacturing Co., a producer of industrial rubber synchronous power transmission belts, located in Greenville, S.C.
Astorg Partners purchased a majority stake in Megadyne earlier this year. Management of Megadyne and Jason, along with other current shareholders of the firm, reinvested into the business and retained 25 percent ownership of the company.
The involvement of Astorg gives the company deeper pockets and an opportunity to branch out further into new markets in its search for solid acquisitions.
Giorgio and Marco Tadolini continue to lead the belt manufacturer as executive chairman and managing director. The remaining managers and the company's work force also are unchanged.
At the time of the acquisition, Cohenca said Megadyne actively pursued the acquisition because “we want to triple our size, and we needed access to funding and expertise for future acquisitions.”