Sometimes the worlds of style and finance come together nicely in holy matrimony to the glee of on watchers. European private equity giant CVC, on 06/28/2017 announced the acquisition of Pasubio.
CVC Capital Partners Limited is a European private equity firm specializing in middle market, mature, expansion, successions, management buyouts, leveraged buyouts and buy-ins, recapitalization, restructuring, growth equity, and acquisitions
Founded by the Pretto family in the 1950s, Pasubio is a specialized provider of premium leather for the automotive industry with clients that include Jaguar Land Rover Group, Volkswagen Group (Porsche, Lamborghini, Bentley and Skoda), FCA Group (Maserati and Alfa Romeo), BMW and PSA. The price of the acquisition was not disclosed but what was disclosed was that the Pretto family will retain minority control of the iconic company. The family stresses that the goal of the transaction is to help grow Pasubio’s presence internationally and potentially open up new business lines.
Private equity firms are becoming more and more of a force in fashion and style because in reality their bottomless pockets are simply the aggregation of capital from very many investors. Private equity investors known as Limited Partners (or LPs) are primarily made up of high net worth individuals, pension funds, endowments, foundations, sovereign wealth funds, etc. CVC made this acquisition out of its sixth fund which aggregated a total of €10.5 billion in 2013. Hold tight for more of these types of announcements.
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