NB Renaissance buys machinery producer Comelz

Amedeo Goria
13 September 2017

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Buyout firm NB Renaissance Partners (NBRP), the Italian subsidiary of Neuberger Berman, has acquired industrial machinery producer Comelz from the Zorzolo family.

The deal saw the GP acquire a majority stake, while the Zorzolo family will retain around 20% of the business and will continue to play an important role in the management of the business.

Italian lenders UniCredit, Gruppo Banco BPM, Banca Ifis and MPS Capital Services provided an debt facility to support the transaction - thought to be worth in the region of €80m.

Following the spin-out of Intesa Sanpaolo's private equity branch in March 2015, Neuberger Berman launched its Italian arm alongside the maiden €620m vehicle, NB Renaissance Partners. In July 2017, the GP hit a €300m final close for its Annex fund.

NBRP acquired Intesa's portfolio for €400m. Furthermore, it completed four acquisitions, deploying capital in excess of €200m, unquote" understands. Currently, the GP's maiden fund is 70% deployed, while the Annex fund is 50% deployed, and the GP has 14 portfolio companies. Most recently, NBRP acquired Biolchim from its peer Wise, alongside Chequers Capital.

Company
Established in 1943 and based in Vigevano, Comelz manufactures industrial machinery for the leather goods and footwear industry, focusing on leather cutting, thermo-folding machines, insoles and soles, and skiving.

According to the latest filings, Comelz, which employs 160 staff, generated an EBITDA of €16.6m on operating revenues of €40.6m in FY 2016. A statement issued by the company states that it expects to post €50m in revenues in 2017. Additionally, press reports suggest that the company is expecting an increase in EBITDA in 2017 to around €22m.

People
NB Renaissance Partners – Marco Cerrina Feroni, Fabio Canè (senior partners); Michele Quaranta (principal).
Comelz – Alex Corsico (CEO).

Advisers
Equity – Studio Pedersoli (legal); Fineurop Soditic (debt advisory); Bain & Company (commercial due diligence); EY (financial due diligence, tax).
Company – PwC (financial due diligence, legal, tax).