NB Renaissance Partners' Comelz bolts on Camoga

Alessia Argentieri
06 November 2018

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NB Renaissance Partners-backed Comelz has wholly acquired Camoga, a producer of leather skiving machines, from the founding Mascetti family, who will continue to play a leading role in the management of the company.

Following the acquisition, Comelz plans to consolidate its market position in the leather machinery sector and expand further abroad, especially in China, where Camoga already has a presence. The group expects to reach EBITDA of €30m from revenues of €75m in 2018.

NB Renaissance Partners, the Italian subsidiary of Neuberger Berman, acquired a majority stake in Comelz in September 2017, while the founders, the Zorzolo family, retained a holding of around 20%. Italian lenders UniCredit, Gruppo Banco BPM, Banca Ifis and MPS Capital Services provided a debt facility to support the transaction, thought to be valued in the region of €80m.

Company
Established in 1948 and based in Cormano, near Milan, Camoga manufactures industrial machinery for the leather goods and footwear industry, focusing on leather cutting, splitting and skiving. The company employs 60 staff in its production facilities located in Italy and China, and generated revenues of €12m in 2017, up 15% on 2016.

People
NB Renaissance Partners – Marco Cerrina Feroni (senior partner); Fabio Canè (senior partner); Michele Quaranta (partner).
Comelz – Alex Corsico (CEO).
Camoga – Andrea Mascetti (CEO).

Advisers
Acquirer – Studio Gatti Pavesi Bianchi (legal); PwC (tax).
Vendor – SZA Studio Legale (legal); Studio Palma (tax); Ria Grant Thornton FDD (tax, financial due diligence).