Technology acquisitions: Comelz to buy out Camoga’s splitting machines

A wind of property transfer is blowing around the machinery and technology business as well. In fact, Comelz, “a worldwide leading manufacturer of cutting machines for footwear, leather goods and automotive industry”, based in Vigevano, announced the buyout of Lombard Camoga, “a leading company specialized in the manufacturing of splitting machines for the most prestigious leather goods, footwear, fashion, automotive and luxury articles brands”. Comelz have bought out the whole capital assets; as for the Mascetti family, who founded Camoga, “they will still act in the Comelz group” – as pointed out in a press release – “in accordance with a managerial role, while focusing their work on the leather splitting and assembling sectors”. Camoga, founded in 1948, “is one of the most recognized historic brands in the machinery-footwear manufacturing industry”; “they currently hire around 60 employees actively operating in the company’s production sites located in Italy and China. Most of their revenues derive from sales abroad, which also take advantage of an international network of suppliers. At the end of 2017 their overall turnover reached 12 million euros, increasing by 15% compared to 2016”. Alex Corsico, managing director of Comelz, commented: “We are very happy about our development strategy: the buyout of Camoga will enable us to complete our range of products in the assembling machines sector. We are also very happy to take on, in our group, Andrea and Matteo Mascetti: thanks to their valuable experience and expertise, they will enhance our development, especially in the leather splitting and assembling sectors”. Since September 2017, Comelz has been an affiliated company of US NB Renaissance Partners, who own a stock majority share. “Following the buyout, Comelz group expect to reach, by the end of 2018, about 75 million euros, in terms of revenues, and around 30 million euros as to EBITDA”.

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