NB Renaissance Partners (NBRP), the Neuberger Berman’s arm dedicated to private equity investments in Italy, has acquired a majority stake in Vigevano-headquartered Comelz.
The Zorzolo family, who owns Comelz, will retain a minority interest in the company and will continue playing the strategic management roles.
The parties have not yet disclosed the respective percentages of their stakes.
Senior Partners of NBRP Marco Cerrina Feroni, Fabio Cané and Michele Quaranta, said that Comelz represented a unique investment opportunity to participate in the development of the machine cutting sector: “Comelz has strong competences and a deep history in this sector and will benefit from the technological change the sector is undergoing” he added.
Alex Corsico, member of the Zorzolo family and CEO of Comelz, said: “We are proud of Comelz’s achievements to date and we feel now is the right time for us to partner with investors capable of supporting Comelz in a new phase of growth across international markets. We believe there are many untapped opportunities for us to explore and NBRP’s expertise, financial resources and global network will be key to appropriately address the future challenges posed by the market.”
Comelz is a company dedicated to the production of cutting machines for the footwear and leather goods industry, which employs approximately 160 people, operates two production plants and generates most of the sales outside of Italy. It has increased its sales from around €23m in 2012 to approximately €50m expected as the end of 2017.
Neuberger Berman managed $271bn (€232.5bn) in assets as of 30 June 2017.