G.M. Leather becomes a minority shareholder of Chiorino Technology. The Arzignano-based group has acquired 18.92% of the share capital of the Biella-based company. The binding agreement was signed between G.M. Leather and the shareholders of Chiorino (the majority shareholders Arcadia and Marco Toscano) and provides for a capital increase of 1.85 million euros to be approved by 31 December 2023. Which will be subscribed for 1.5 million by the current shareholders and 350,000 euros, by 31 January 2024, by G.M. Leather.
The comments
Simone Voltolin, CEO of G.M. Leather, points out how the Veneto-based company will be an industrial partner to the Biella-based company. “The objective shared with Arcadia is to re-launch the company, developing all the potential, and industrial and commercial synergies that can emerge from the collaboration with our group”. According to Voltolin himself, the operation will allow G.M. Leather to diversify and consolidate its presence in the luxury sector. In this first phase, the synergy between the two companies means that G.M. Leather will supply leather to Chiorino. And it will use Chiorino’s sales network and showroom in Tuscany for the sale of G.M. Leather products, as well as joint participation in trade fairs. G.M. Leather is an Egm-listed company that in the first six months of 2023 recorded 21.7 million euros in revenues with an EBITDA margin of 13.90%.
The history of Chiorino Technology
Chiorino Technology was founded in the early 1980s by Lorenzo Chiorino in Biella, and has been part of the Arcadia fund since 2018. The company specialises in leather processing for the luxury and fashion sectors and is known in the leather market for its focus on split leather articles. In the last financial year, which ended 31 December 2022, the company reported revenues of 14.7 million euros, down slightly from 15.2 million euros in 2021. EBITDA was negative by 500,000 euros. While financial debt was 9.1 million euros. Data reported by PMI news.
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