Mandarin Capital exits Italian valve component maker

Paolo Bergamini, appointed CEO of Gasket after Mandarin invested, will remain in his position after the change of ownership, according to a statement.

Mandarin acquired Gasket in 2008 for about EUR24 million ($32 million) and supported the company's expansion into Asia by establishing a manufacturing base in China's Suzhou province. Gasket doubled revenues to EUR72.5 million last year, while revenues at Gasket Suzhou Valve Components exceeded EUR22 million in only the third year of operation.

Gasket produces gaskets, valves and molds used in the chemical and petrochemical sectors to prevent pipe leakage. Alberto Forchielli, managing partner at Mandarin, said that a significant source of growth opened up in March when Russia and China signed a major natural-gas supply pact.

"Hutchinson is owned by Total and I think that they see great China potential with all the oil and gas pipelines to be built to connect China and Russia," he told AVCJ. "Gasket offers the possibility to bring major roles in pipeline development [given its strong position in the China market]."

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

Mandarin has completed 10 investments in Chinese and Italian companies from in its EUR328 million debut fund, raised in 2007.

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• Topics
• Greater China
• Exits
• Industrials
• China
• Europe
• Exit
• manufacturing
• Mandarin Capital Partners