Neuberger Berman has acquired Italian leather-cutting business Comelz from the Zorzolo family, who will retain a minority stake and hold management positions.
The firm acquired the business through NB Renaissance Partners, its Italian private equity business.
Comelz provides services to clients in the footwear and leather good industries, both large operators and artisan firms. Based near Italian fashion capital Milan, it was founded more than 75 years ago. It has a track record of technological innovation, including the recent introduction of leather-cutting automation.
The business employs around 160 people and expects to report revenues of around €50m for 2017.
Neuberger Berman was advised by Fineurop Soditic, Studio Pedersoli, Bain & Company and EY. Gruppo Banco BPM, Banca Ifis, MPS Capital Services and UniCredit provided financing. Comelz was advised by PwC.
Neuberger Berman bought Italian winemaker Farnese Vini last year.