A few hours after the acquisition of the German Hewa Leder, Pasubio is back in the spotlight. The Vicenza tanning group, leader in the high-end automotive segment, has officially changed ownership. British CVC Capital Partners, in fact, sold it to the French fund PAI Partners. The value of the transaction was not disclosed.
Pasubio changes ownership
Three offers arrived on the table of advisor JP Morgan in mid-June. That of TFL, a multinational of tanning chemicals controlled by the private equity Black Diamond. That of the Sino-German industrial group AIGC. Finally, that of French private equity fund PAI Partners. It was the latter who won.
Pasubio is a moving train
Luca and Alberto Pretto, sons of Pasubio’s founder, will remain in the company as investors alongside PAI, and will maintain their current managerial roles. “We are all very happy with the journey made together with CVC – it’s their comment -. We are grateful to the whole Milan team, led by Giampiero Mazza and Giorgio De Palma, for the excellent human relationships we have built together, as well as for the common effort made to transform our good family business into an excellent professionally managed industrial reality.
A dutiful thanks also goes to our whole management team, both historical and recent, for being able to integrate in an extraordinary way, becoming a cohesive unit with a plurality of skills that have made it possible to achieve the results obtained. Now, with PAI, another fund among the most important in the world, begins a second phase that sees us all, without exception, riding in the current roles. Pasubio is a moving train: passengers can change, but the team that drives and runs the train does not change, just as the final destination does not change: From good to great!”.
Images from pasubio.com