As M&A Exercise in Italy’s Provide Chain Continues, Eurmoda Group Buys Macuz

MILAN – The wave of consolidation in Italy’s provide chain continues.

Eurmoda Group, which produces and provides equipment for high-end style manufacturers, has acquired one hundred pc of Macuz Srl, a storied Florentine firm lively within the manufacturing of top-quality metallic equipment. 

By this acquisition, Eurmoda goals to succeed in gross sales of 100 million euros in two years. It at the moment studies gross sales of fifty million euros, whereas Macuz has revenues of between 25 and 30 million euros.

Established in Italy’s Veneto area in 1986, Eurmoda was based with the intention to synergistically mix the experience of corporations producing excessive style equipment with mechanical and technological abilities derived from eyewear within the Belluno district and goldsmithing within the Vicenza district.

In October 2019, personal fairness agency Aware Capital Companions took management of Eurmoda, creating the holding firm Margot SpA, with the intention to construct a platform of excellence within the sector all through Italy.

Since then, the corporate has acquired Alce Srl in Valsamoggia, close to Bologna, and ABC Morini Srl in Scandicci, close to Florence.

In January, the holding firm of Margot and ABC Morini will merge into Eurmoda.

“Macuz represents among the best expressions of Italian know-how within the discipline of style excellence,” mentioned Marco Vecellio, chief govt officer of Eurmoda. “A actuality that has been one of many pioneers within the growth of Italy’s manufacturing sector within the luxurious trade. We’re actually completely happy to have the ability to mix our abilities, reinforcing a management based mostly on uncompromising high quality and a strong entrepreneurial tradition based mostly on sustainability and enhancement of the territory.”

Based in Florence in 1952 by Marcello and Alma Macuz, Macuz is acknowledged for its high-quality craftsmanship and connection to the territory and can enable Eurmoda to broaden its buyer base and additional strengthen its applied sciences, abilities and vegetation via a vertical service and a totally built-in provide chain. The Macuz household will reinvest within the group and stay actively concerned within the operational administration of the businesses. 

“[CEO] Auro Macuz’s expertise and entrepreneurial foresight have made the corporate a real jewel in its sector in Italy, with a historical past of progress that has lasted greater than 70 years,” mentioned Andrea Tuccio, managing accomplice of Aware Capital Companions. “The standard of its merchandise, acknowledged by the largest worldwide style homes, is the results of a company tradition continually striving for excellence in all elements of the worth chain, through which individuals, their ardour and abilities, occupy a central place. We’re actually proud to have accompanied Eurmoda on this operation, creating a bunch able to enjoying a number one function for Made in Italy in a fast-growing market.”

The manufacturing hub will proceed to develop, “investing in individuals, focusing particularly on feminine participation in any respect seniority ranges, and on sustainability, as an illustration via the usage of steady recycling techniques, photovoltaic panels, and options for air purification and warmth restoration,” mentioned Eurmoda and Aware Capital Companions in a joint assertion.

“I’m positive that the approaching collectively of Eurmoda’s and MCP’s experience will make sure the continuation of a sustainable progress path that has by no means stopped, and that has led us to turn into some of the appreciated gamers on this planet of equipment for prime style manufacturers,” mentioned Auro Macuz.

Small and medium-size corporations make up the vast majority of Italy’s 62,000 style companies, in keeping with Confindustria Moda. They kind the spine of Made in Italy manufacturing, a provide chain that works with one of the best luxurious manufacturers on this planet. Entrepreneurs have realized it has turn into important to guard this pipeline, which is predicted to drive extra consolidation, extra M&A exercise, extra nuanced partnerships and extra efforts to map out widespread objectives.

For instance, in 2021, the Ermenegildo Zegna Group and Prada Group joined forces to accumulate a majority stake in Filati Biagioli Modesto SpA, which makes a speciality of cashmere and valuable yarn manufacturing. In June, the businesses teamed up once more, shopping for a 15 p.c stake every in knitwear and high quality yarns specialist Luigi Fedeli e Figlio Srl. Each Zegna and Prada have over time invested in constructing their pipelines and provide chains, in addition to their very own manufacturing vegetation in Italy.

In Could, within the first such deal for Chanel and Brunello Cucinelli, the businesses partnered on an acquisition of a 24.5 p.c stake every in Italian cashmere producer Cariaggi Lanificio SpA. This was a growth in a deal that was signed final 12 months by Cariaggi and Cucinelli, the latter’s first such merger and acquisition. At the moment, Cucinelli revealed he was shopping for a 43 p.c stake in Cariaggi, his longtime cashmere provider. Whereas Chanel over time has purchased stakes in 40 suppliers, 15 of that are based mostly in Italy, that is the primary time it partnered with one other established style model.

Gruppo Florence has grown over the previous three years to regulate round 24 corporations, from knitwear and casual outerwear producers to footwear specialists, reaching gross sales of 600 million euros — and there aren’t any indicators it plans to cease right here. The founding households of those corporations have agreed to reinvest minority stakes within the holding.

In April, funding holding San Quirico SpA acquired a 75 p.c stake in MinervaHub, rising as a number one aggregator of small and medium-size makers of elements for luxurious manufacturers, from chains and metallic particulars to galvanic therapies and hand embroideries.

The remaining 25 p.c stake stays within the palms of one of many sellers, Xenon Non-public Fairness, with different coinvestors that embody president Matteo Marzotto. MinervaHub studies gross sales of greater than 170 million euros, has a portfolio of greater than 1,000 purchasers, of that are 20 among the many foremost luxurious manufacturers, and 700-plus workers. In July, it took management of one hundred pc of New and Greatest H.F. Srl, recognized for its experience in high-end leather-based items, sneakers, ready-to-wear and equipment, and floor finishings.