Partners Group, the global private markets investment manager, has agreed on behalf of its
clients to acquire Megadyne Group (“Megadyne”), a leading manufacturer of power transmission
belts, from Astorg. The transaction follows Partners Group’s recent agreement to acquire
Ammeraal Beltech (“Ammeraal”), a global leader in light-weight process and conveyor belting,
from Advent International. The combined enterprise value of the two transactions, which both
include investment participation from management teams, is EUR 2 billion.
Megadyne develops and manufactures polyurethane and rubber belts for use in power
transmission and conveying systems, as well as a range of complementary products such as
rubber hoses and metal pulleys. It has its headquarters in Turin, Italy, and serves over 30,000
customers across a variety of industries through 15 manufacturing plants and 33 distribution
centers all around the world. The company employs more than 2,300 people and generated sales
of EUR 319 million in 2017.
Ammeraal manufactures, distributes and maintains light-weight process and conveyor belts for a
diverse range of applications covering nearly every major industry, including food processing,
airports and baggage handling, logistics and textile production. Headquartered in Alkmaar in the
Netherlands, the company provides products to over 30,000 customers in more than 150
countries. It employs over 2,600 people and generated a turnover of EUR 385 million in 2017.
Once the acquisitions of Megadyne and Ammeraal have closed later this year, subject to anti-trust
clearances and other regulatory approvals, Partners Group would in a next step plan to support a
merger of the two companies, which have highly complementary product and service offerings.
The potential merger would be to the benefit of both companies and their clients, creating a fullservice
provider across specialist industrial transmission belting and lightweight conveyor belting.
Giorgio Tadolini, CEO and member of the founding family of Megadyne, states: “Today is an
important milestone in the history of the company my father founded over 60 years ago. We see a
strong cultural fit with Partners Group and also with Ammeraal and believe the planned merger
could cement a lasting legacy for both companies, which is why the Tadolini family has chosen to
reinvest into this acquisition. Given recent industrial trends, we are convinced that numerous
growth opportunities still lie ahead of us and look forward to benefiting from Partners Group’s
proven track record of investment in the industrials sector as we aim to capture this growth.”
Prakash Iyengar, CEO of Ammeraal, comments: “Both Ammeraal and Megadyne are equally
strong brands that customers associate with quality, reliability and innovation. The product
portfolio is complementary and so is our global reach in key markets. I am confident that we can
leverage our mutual synergies, organizational talent and disciplined operating model to create
customer value and accelerate growth globally.”
Pascal Noth, Managing Director, Private Equity Europe, Partners Group, adds: “Megadyne and
Ammeraal both operate in highly attractive markets and benefit from increasing industrial
automation in many industry verticals across the world. We have admired the two businesses for
many years and this is an exciting moment to support the new industry champion going forward.
We are honored to partner with the Tadolini family as shareholders and look forward to working
with the excellent leadership teams at Megadyne and Ammeraal.”
William Blair and RBC Capital Markets acted as M&A advisors and Clifford Chance acted as Legal
Advisor to Partners Group.
About Partners Group
Partners Group is a global private markets investment management firm with EUR 62 billion
(USD 74 billion) in investment programs under management in private equity, private real estate,
private infrastructure and private debt. The firm manages a broad range of customized portfolios
for an international clientele of institutional investors. Partners Group is headquartered in Zug,
Switzerland and has offices in Denver, Houston, New York, São Paulo, London, Guernsey, Paris,
Luxembourg, Milan, Munich, Dubai, Mumbai, Singapore, Manila, Shanghai, Seoul, Tokyo and
Sydney. The firm employs over 1,000 people and is listed on the SIX Swiss Exchange (symbol:
PGHN) with a major ownership by its partners and employees.
