Xenon creates leather production group in Italy

The GP also acquired garnishment specialists Just Gators and Quake Ricami.

The combined group, composed of five companies, expects to generate EBITDA of €13.5m from revenues of €36m in 2019, Unquote understands.

The companies' founders reinvested in the newco and retained a stake of around 30%.

The GP deployed capital from its seventh fund, which was recently closed on €300m. The fund deploys equity tickets in the €15-40m range in Italian mid-market companies generating revenues of €30-80m and EBITDA of €2-15m. This deal follows the acquisitions of Italian steel blades manufacturer CBG Acciai and ICT specialist Impresoft.

A debt package was provided by a pool of banks composed of Banco BPM, Crédit Agricole, Illimity Bank and Intesa Sanpaolo.

Company
A&A Pelli Pregiate, Zuma Pelli and Casadacqua di Santa Croce produce leather for the fashion industry, including crocodile, piton and ostrich leather. Just Gators and Quake Ricami specialise in garnishment for bags and clothing.

People
Xenon Private Equity – Danilo Mangano (CEO); Franco Prestigiacomo (managing director).

Advisers
Equity – Gelmetti Studio Legale Associato (legal); Fineurop Soditic (corporate finance).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Italy
• Fineurop Soditic