From tanning waste material to the ipo. Sicit 2000’s journey shows how the leather industry creates value (at 360 degrees) even from the waste it produces
It all starts with the recovery of the residue and waste by-products of the tanning industry, and then it arrives to the IPO. The example is as significant as ever, in proving how the circular footprint of the tanning industry is circular “to the x power”. And this footprint is one with “great conscience”. SICIT 2000, Vicenza-based group that, since 1960, has been making waste/residue go through a “hydrolysis process, to create a product with great added value that can be used in the agricultural segment (bio-stimulants), as well as in the gesso segment (as retardants)”, and its president, Rino Mastrotto (also vice-president of UNIC-Italian Tanners), speaks of a step taken by the company. “This step is the coronation of 30 years of good management by the tanners in the Arzignano district”. This past January 11th, SICIT 2000’s board of directors approved the “business combination” that will allow the business to launch its IPO for the AIM Italia stock exchange. The company will be assisted in this process by SprintItaly, SPAC (Special Purpose Acquisition Company) that is promoted by PromoSprint Holding, investment fund owned by Fineurop, Gerardo Braggiotti, Matteo Carlotti, and Francesco Pintucci. This isn’t a financial operation with selfish goals. Its goal is to set the groundwork for a growth season: “The development plan – explain SICIT and SprintItaly in a joint statement -, aims at reinforcing the company’s leadership on the market incrementing the production capacity in Italy, as well as extending the business’ presence at an international level. The plan stipulates, more specifically, the opening of a site in South America, near a local tanning district”. This project is based on a 30-million-euro budget, which will be dedicated to opening the site within two years from the IPO. This production plant will add value to a large quantity of waste, that will allow SICIT to double its production of collagen protein hydrolysate. (lf)
The history and operation
SICIT was founded in 1960 in Chiampo (Vicenza). In 2000, following an internal restructuring process, SICIT 2000 and SICIT CHEMITECH were created. SICIT 2000 (ISO certification 14001 and ISO 18001), “manufactures and retails amino-acids and peptides for the agriculture segment. With two production sites, and a capacity of 100 MT/day of liquid products and 40 MT/day of material in dust-like status, SICIT can claim to be the largest producer of amino-acids-based fertilizers in the world. The company had 54 million euro in revenue in 2018, and aims at reaching 110 in 4 years. The operation, which should be completed by summer, is structured as follows: “Sicit was given an equity value of 160 million euro”, SprintItaly’s shareholders, with an investment of 100 million, will initially have 54% of the combined equity. 70 million will be used to buy Sicit’s shares from the current controlling holder, Intesa Holding, while 30 million will be used to strengthen the capital and finance the growth plan, both in Italy and abroad”.
