NB Renaissance’s Rino Mastrotto buys Nuova Osba

With this add-on, the company expects to enlarge its product offering, and further consolidate its market position in Italy and internationally.

NB Renaissance – Neuberger Berman's fund dedicated to private equity investments in Italy – bought Rino Mastrotto in August 2019. The deal gave the business an enterprise value of around €300m, which equates to 6.6x its 2018 EBITDA of €45m.

The GP acquired a 70% stake in the business, while the founding Mastrotto family retained the remainder and continued to lead the company with Rino Mastrotto as chair and Matteo Mastrotto as CEO. 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.

Subsequently, in September 2019, Milan-listed investment firm NB Aurora acquired an 11% stake in Rino Mastrotto from NB Renaissance Partners for €20m.

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 generates EBITDA of around €45m from revenues of €320m, of which 60% come from outside Italy.

Company
Established in 1970 and based in Fucecchio, near Florence, Nuova Osba Italia specialises in producing leather for the fashion industry. The company generates revenues of around €8m.

People
NB Renaissance Partners – Fabio Canè (senior partner); Michele Quaranta (partner); Alessio Masiero (principal).
Rino Mastrotto – Rino Mastrotto (chair); Matteo Mastrotto (CEO).
Nuova Osba Italia - Maila Famiglietti (vice-president).

Advisers
Acquirer – Deloitte (tax); Studio Dami (financial due diligence).
Vendor – Studio Celano (legal); Studio Nacci (tax).

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