The offers received by CVC to take over Pasubio would be three

The offers received by CVC to take over Pasubio would be three

The indiscretion was leaked in March by financial circles. CVC Capial Partners, starting from a valuation of around 700 million euros, was preparing to collect expressions of interest for Pasubio. Now, as Il Sole 24 Ore writes, there are three offers for the tannery in Vicenza. CVC entered the capital of Pasubio in 2017, when it took over 90% of the company from the Pretto family. Since then, it has fostered a season of growth that has also overcome the purchase from the US group GD-GDI, specialised in cutting leather and covering steering wheels for the automotive industry.

Three offers

As Bebeez reports, there would be three offers on the table, then. The first would be by TFL, a multinational tanning chemical controlled by the private equity Black Diamond. Second, however, leads to the “Sino-German industrial group AIGC”, while the third to the French private equity fund PAI Partners.

The deal

Last March, CVC gave advisor JP Morgan a mandate to collect binding offers. Started, as we said, with an evaluation of 700 million euros. Pasubio in 2020 recorded a turnover of 265 million euros, down compared to 316 in 2019, due to the effects of the pandemic. Above all, the tannery boasts an EBITDA up to 65 million euros. By mid-June, writes Il Sole 20 Ore, the outcome of the auction and the name of who, among the candidates, will acquire the CVC share, should be known.

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