Star Capital has sold Codyeco to Smit & zoon

Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce that Codyeco S.p.A. (“Codyeco” or the “Company”), a portfolio company of Star Capital SGR (“Star Capital”), has been sold to Handelmaatschappij A. Smit & zoon B.V. (“Smit & zoon”). Terms of the transaction were not disclosed.

Established in 1976, Codyeco manufactures a wide portfolio of high-quality chemicals used in all stages of the natural leather tanning process, mainly for high-end shoes, bags and clothes. Headquartered in Santa Croce sull’Arno, Italy, Codyeco is present in all major Italian leather districts, ensuring close proximity to end customers. Moreover, the Company has a local office in Hong Kong, a minority participation in a Mexican distributor and a broad network of agents and distributors covering over forty countries worldwide.

Marco Gazzaniga and Marco Baratti, respectively CEO and Partner at Star Capital, commented, “We would like to thank the Lincoln team for their expertise, professionalism and support throughout the sale. Filippo and his team provided us with clear advice throughout and ran a competitive and efficient transaction, resulting in a great outcome for the shareholders and management team.”

“Lincoln’s chemicals industry knowledge, execution expertise and access to key decision makers were critical throughout the sale process. In addition, their ability to convey the Company’s unique business model and sustainable competitive advantages to potential investors was instrumental in driving an efficient transaction. The successful outcome will ensure Codyeco’s values will continue to flourish under Smit & zoon’s ownership,” stated César W. Knebel, CEO of Codyeco.

Lincoln was retained by Codyeco Shareholders as exclusive financial advisor. Lincoln worked closely with the Company’s board of directors and management team throughout the entire sale process, from initial discussions to the SPA negotiation resulting in an efficient and successful process, supporting the shareholders in achieving a significant return on investment.

Star Capital has sold Codyeco to Smit & zoon
  • 2017
    Close Year
  • Chemicals
  • Private Equity
    Client Type
  • Strategic | Cross-border
    Transaction Type
  • Italy | Netherlands

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