NB Renaissance Partners acquires 80% of ComelzAn investment meant to support Comelz during its new phase of development on international markets
NB Renaissance Partners, the platform of private equity investments in Italy created from a partnership between Neuberger Berman and Banca Intesa, has acquired a majority stake in the company Comelz, an Italian leader in integrated technological solutions for the footwear and leather goods industries. The operation concerns 80% of the company’s capital, with the Zorzolo family retaining a 20% minority interest in the company, while also continuing to play a strategic part in the company’s management.
Founded in the footwear-manufacturing district of Vigevano in 1943, Comelz is globally known for its products with a high technological content and its ability to innovate, while rethinking the technologies of cutting and processing for leathers and fabrics. Its story has been one of constant evolution and excellence: Comelz was one of the first sector companies to introduce electronics into its machines in the Sixties; while in the Eighties, it was among the earliest companies to understand the benefit of CAD and numerical control cutting systems; towards 2000, it was the first to introduce informatics in its products. However, it is in the integration between mechanical technologies, electronics, and software that most fully represents Comelz today.
In fact, today, this Vigevano company is a successful and cutting-edge industry, with two directly owned production facilities employing 160 workers, and an international network of subsidiary companies and distributors. With a turnover equal to 23 million euros in 2012, and a year-end forecast of 50 million euros in 2017, Comelz enjoys an excellent position on the market and expects to further strengthen its growth in the future.
NBRP comments upon the acquisition with much enthusiasm:
State-of-the-art company for technology, innovation, and product quality, Comelz represents a unique opportunity for investment, which allows us to participate in the development of an important industrial sector, like that of cutting machines. Comelz has a heritage of traditions and expertise that allows it to benefit from the technological paradigm affecting the sector.
Instead, Alex Corsico, member of the Zorzolo family and CEO of Comelz replied:
We are proud of the successes achieved with Comelz and we think it is the right moment for forging a partnership with investors capable of supporting Comelz in a new phase of development on international markets. We are sure that there are many opportunities that Comelz has not yet seized upon out there, and the experience, financial assets, and global network of NBRP are essential to tackling these new market challenges in the right way.