Mandarin Capital Partners announces the sale of Gasket International

Milan – 2nd August 2013 – Mandarin Capital Partners (MCP) announces the sale of its shareholding in Italian valves’ components producer, Gasket International to Hutchinson S.A., a French headquartered multinational corporation and world leader for thermoplastic elastomer and rubber solutions for the aerospace, automotive, defense, oil & gas and railroad markets. MCP is selling its 70% shareholding  together with  the 30% shareholding owned by the founders, the Girelli family.

Gasket International is a leading Italian manufacturer and distributor of performance-critical components for valves with applications in the oil & gas industry.

Since the acquisition by MCP in May 2008 through a leveraged buyout, Gasket has doubled  revenues reaching € 72.5 M in 2012 through new customer wins and international growth. A milestone achievement being the creation and ramp-up of the Chinese subsidiary, Gasket Suzhou Valve Components, which exceeded € 22 M of revenue in its third year of operation.

“Gasket International is a success story  – says Enrico Ricotta, managing partner of MCP – that perfectly epitomizes Mandarin’s investment strategy and mission, typically based on value creation through Chinese-European cross-border projects”.

MCP was advised by Robert W. Baird Ltd , while Deloitte and R&P Legal provided tax / financial due diligence and legal assistance, respectively.

Paolo Bergamini, Gasket’s CEO selected by MCP in 2008, will continue managing the company, together with his team, after the change of ownership, in order to ensure continuity in the growth strategy. “We think Hutchinson S.A. is the best possible buyer for Gasket International – remarks Enrico Ricotta. With its strong international footprint and deep competencies in product engineering and materials, it will allow Gasket to further expand its competitive edge in oil & gas valve applications”.