Conceria Pasubio decided to make a purchase in the USA to widen its horizon on the other side of the Atlantic. Last December 16th, the tannery’s executives went from Arzignano to Brownsville, in Texas. That’s where the completed the acquisition of GD-GDI group. Thanks to this operation, Conceria Pasubio, which has been owned by CVC Capital Partners since 2017, obtained control of the US-based group specialized in the cutting and upholstering of the wheels for the automotive segment.
The agreement
Conceria Pasubio bought a group that, in 2020, should reach a revenue of 20 million euro. The agreement between David and Daniel Garcia, current owners of GD-GDI allows the former two to maintain minority ownership along with the president and CEO position, respectively. The US-Mexican group’s Board of Directors will now also include Luca Pretto (CEO of Pasubio), Stefano Gelsomini (COO), Claudio Azzaretto (CTO) e Giuseppe Viola (CFO).
“The first step towards Internationalization”
“We are particularly proud of this operation. It represents the first phase of our strategic process to internationalize our production processes”. A project that has “the goal of supporting our growth outside of Europe’s borders”, explained Pretto to Il Giornale di Vicenza (newspaper). “The acquisition of GD-GDI further increases the value of Pasubio – points out CVC’s director for Italy, Giorgio De Palma -. We are very happy about the work done by Mr. Pretto and the rest of the management team, which has not only doubled Pasubio’s revenue in just 24 months, but has also been able to set various growth initiatives that have a widely strategic feel. One of these is this acquisition”.
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