Astorg Partners has signed a definitive agreement with a group of Swiss private investors, for the acquisition of a majority stake in Metalor Technologies International SA (MTI). The two largest investors will roll-over the totality of their proceeds into the new transaction. MTI's management team, led by its CEO Scott Morrison, will also become a significant shareholder along-side Astorg Partners.
The transaction is funded entirely in equity.
Founded in 1852 and headquartered in Neuchâtel (Switzerland), MTI is a word's leading refiner of gold and precious metals and advanced materials. MTI operates through 4 divisions and is specialized in the manufacturing of products and the supply of services based on precious metals.
MTI employs approximately 1,300 people from more than 10 different nationalities and operates 7 production facilities worldwide, of which 2 in Switzerland, 1 in France, 1 in China, 1 in Hong Kong and 2 in the United States. In 2008, the group generated net sales (excluding precious metals) of CHF 322 million and a consolidated EBITDA of CHF 74.6 million.
Joël Lacourte, Managing Partner of Astorg Partners, said "MTI is a truly international group with differentiated and unique products and technologies. We are becoming the partner of choice of a management team that brings together different nationalities. This investment takes place in a veryfavourable timing. Subsequently to the current economic crisis, there will be a significant number of acquisition opportunities in the different fields in which MTI operates and the Group which benefits from a substantial amount of cash and an experienced team will be in an ideal position to be a keyconsolidator in these sectors."
Scott Morrison, CEO of MTI, commented "We are very pleased to have our shareholder structure reinforced with Astorg Partner's entry into our capital as a majority shareholder in a long-term perspective. This is a significant positive step in the acceleration of the growth of MTI. Astorg Partners,which shares our vision, will help us further accelerate our acquisition strategy and meet our next challenge of growth in China. MTI's management team looks forward to working in close collaboration with Astorg Partners".
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