A partner from an industrial or financial background. Somebody that will help consolidating. Gruppo Conciario CMC and Lamonti Cuoio are looking for somebody that “can add value to the business”. According to the IlSole24Ore, they are entrusting Mediobanca with the task. The start of the operation will be in December, while in January the first non-binding offers should start arriving.
The businesses
Gruppo Conciario CMC and Lamonti Cuoio are both part of the Cuoio di Toscana consortium. Both companies are also positioned in the high-end segment, and in 2020, always according to IlSole24Ore, will reach 60 million euro in revenue and an EBITDA of 14 million (22%).
Possible interested parties
The two tanneries, as stated earlier, are looking for partners with an industrial or financial background. According to the mentioned source, NB Reinassance Partners, which has already active in the leather industry with its control over Rino Mastrotto Group, is interested in them. Moreover, private equity funds Lion Capital (which recently bought rubber-made footwear producer Menghi), Alpha and Chequers.
The interest in tanneries
News broke at a moment in which the 11th edition of this Year’s La Conceria is asking itself how many family businesses are interested in opening up to foreign capital. Funds, it would appear, enjoy shopping in the industry. Rino Mastrotto Group is just one of the last cases: Pasubio and Chiorino Technology, for example, have received foreign capital in exchange of a part of ownership.
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