NB Renaissance acquires leather producer Rino Mastrotto

Unquote understands that the deal gives the business an enterprise value of around €300m, which equates to 6.6x its 2018 EBITDA of €45m. 

NB Renaissance Partners acquired a 70% stake in the business, while the founding Mastrotto family retained the remainder and will continue to lead the company with Rino Mastrotto as chair and Matteo Mastrotto as CEO. 

Unquote understands that a debt package was provided by a pool of banks composed of UBI Banca, Banca IMI, Banco BPM, UCI, BNL, Illimity, Crédit Agricole, MPS, BPER and Banca Ifis.

Company
Headquartered in Trissino, near Vicenza, Rino Mastrotto specialises in producing leather for the fashion, automotive and furniture industries. The company has production facilities in Italy, Sweden and Brazil, and operates in Mexico via a joint-venture. It employs 850 staff, sells its products in 60 countries worldwide and generated EBITDA of around €45m from revenues of €320m in 2018, of which 60% came from outside Italy.

People
NB Renaissance Partners – Fabio Canè (senior partner); Michele Quaranta (partner); Alessio Masiero (principal).
Rino Mastrotto – Rino Mastrotto (chair); Matteo Mastrotto (CEO).

Advisers
Equity – Legance (legal); Bain & Company (commercial due diligence); Deloitte (financial due diligence); Gattai Minoli Agostinelli & Partners (tax); Fineurop Soditic (corporate finance).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• NB Renaissance Partners
• Italy