While the market is wondering who will take Pasubio‘s majority stake from CVC Capital Partners, the Venetian tannery takes everyone by surprise. In other words, it goes shopping and buys the German Hewa Leder.
Pasubio buys German tannery Hewa Leder
To give the news is Radiocor, the press agency of Il Sole 24 Ore. “Conceria Pasubio announces that the corporate acquisition of Hewa Leder was completed in Munich on the evening of Tuesday, June 15, 2021”. In other words, of the “German company specialised in the production of leather for the premium luxury segment in the automotive and yachting sector”.
Strengthening and expanding
A market hit that allows Pasubio to strengthen its market share, expanding its customer portfolio. In fact, Hewa Leder is “the exclusive supplier of Rolls Royce, of the ultra-luxury and extra-sport series of BMW and AUDI, as well as of leading nautical companies”. German tannery employs over 150 people, and develops production in Germany, distributed in 2 factories.
The comments
The first is from Luca Pretto (pictured), Pasubio’s CEO: “We are very happy with this operation. It offers us the opportunity to further strengthen our leadership in the most prestigious segment of the automotive leather market”. How? “By adding Rolls Royce to our customers’ collection – concludes Pretto – and consolidating our presence in the BMW Group of which Rolls Royce is part of”. For his part, Marcus Adelmann, son of the founder of Hewa Leder, explains that “in addition to bringing the experience and expertise developed over the years of its history, Hewa Leder will be able to count on Pasubio’s technological, commercial and management support”. And it will become “an integral part of it, strengthening its absolute leadership in the reference European market”.
Who buys Pasubio?
Pasubio, therefore, takes everyone off guard while the market awaits to understand who will win the majority of ITS capital, acquiring it from CVC. As we wrote here, the offers on the table would be 3. The first would be headed by TFL, a multinational of tanning chemicals controlled by private equity Black Diamond. The second would lead to the “Sino-German industrial group AIGC”, the third to the French private equity fund PAI Partners.
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