Comelz toward a sale: NB Renaissance Partners has begun the process of selling it to Jack Technology. According to CEO Alex Corsico, the transaction would give the Vigevano-based company significant growth opportunities. The price, according to Il Sole 24 Ore, would be around 140 million euros. Jack Technology is a multinational based in Taizhou (Zhejiang), with around 7,500 employees and a leading position in the production and development of sewing machines. With this agreement, which allows it to enter the leather industry, the Jack Technology family expands with Comelz.

Comelz passes to the Chinese

“I can confirm that a sale and purchase agreement has been signed. Completion of the transaction is, however, subject to authorizations and the fulfillment of other contractual conditions. For this reason, at this stage, we prefer not to comment further on the details of the transaction”, says Comelz CEO Alex Corsico to La Conceria. He then emphasizes that the transaction would represent, for the Vigevano-based company, the opportunity to become part of the world’s largest industrial group, specialized in technologies for fashion, leather goods, footwear and automotive. This would give Comelz significant opportunities for growth, development and industrial synergies, further enhancing the heritage of expertise and innovation built by the company itself in Italy.

A new chapter

In 2017 NB Renaissance Partners, the Italian private equity firm of Neuberger Berman, acquired the majority of Comelz from the founding Zorzolo family. Shortly after the fund’s arrival, the company acquired two others: Develer (software) and Camoga (leather splitting machine production). Now comes a new change of ownership for the company specialized in the development and production of computer-based automatic cutting machines with related software for hides and skins. According to Il Sole 24 Ore, the value of the transaction is around 140 million euros. In recent years, Jack Technology has been shopping in Europe for companies in synergy with its own business: Italy’s Maica and Vibemac and Germany’s Bullemer. The shopping continued with Comelz.

Photo Comelz