Astorg buys gold refiner

French private equity firm Astorg Partners is to acquire Metalor Technologies International (MTI), a Swiss refiner of gold and precious metals and advanced materials, in an all equity deal.

The company, which operates in seven countries, is being bought of a group of Swiss private investors, the two largest of which are rolling over their proceeds into the new deal. MTI’s management team, led by CEO Scott Morrison, will become a significant shareholder.

Joël Lacourte, managing partner of Astorg, 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 very favourable 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 key consolidator in these sectors.”