ALTERNATIVE FINANCING FORMS
FOR ENTREPRENEURS AND INVESTORS

News

Deutsche Beteiligungs AG invests in Metalworks Holding

Photo: Tom Alzin is a member of the DBAG Manage­ment Board
16. May 2022

Bergamo/ Frank­furt am Main — Deut­sche Betei­li­gungs AG (DBAG) invests in MTW Holding SpA (“Metal­works”), a group of Italian manu­fac­tu­rers of metal and plastic access­ories for the luxury goods indus­try. Metal­works was foun­ded by Bravo Capi­tal Part­ners in 2016 and has evol­ved with a buy-and-build stra­tegy and a success­ful realign­ment of its busi­ness stra­tegy. In a manage­ment buy-out (MBO), DBAG Fund VIII, which is advi­sed by DBAG, will acquire a majo­rity stake in MTW Holding SpA. Luxem­part SA, a Luxe­m­­bourg-listed company and inves­tor in Bravo Capi­tal, and the manage­ment team will parti­ci­pate as mino­rity share­hol­ders; the former owners and foun­ders of the company, who are curr­ently invol­ved in MTW Holding, will also become invol­ved again.

DBAG Fund VIII will invest up to 60 million euros, of which 13 million euros are attri­bu­ta­ble to DBAG. The fund will then hold around 62 percent of the shares in the holding company (DBAG: 14 percent). The closing of the purchase agree­ment is sche­du­led for the second quar­ter. The parties have agreed not to disc­lose the purchase price.

The current MBO is the seventh invest­ment of DBAG Fund VIII. The fund has been inves­ting in medium-sized compa­nies since mid-2020. Last year, DBAG foun­ded the subsi­diary DBAG Italia and opened an office in Milan. Led by Giovanni Revol­tella, four local members of the DBAG invest­ment team now work there. With PM Flex (2020) and Itelyum (2021), the DBAG port­fo­lio so far inclu­des two invest­ments in Italian companies.

Under the umbrella of MTW Holding (www.mtwh.it/en, based in Castelli Cale­pio near Bergamo), three compa­nies operate that comple­ment each other in terms of product range and custo­mer rela­ti­ons: Metal­works, Mengoni & Nassini and FGF. The group designs and produ­ces high-quality fashion access­ories for luxury fashion brands. Typi­cal examp­les are belt buck­les, clasps or fittings for hand­bags, shoes and clot­hing, but also jewelry or emblems of the iconic brands, which are mainly repre­sen­ted globally. These products are made of metals such as brass, zamak, stain­less steel or plastic. Crucial to the company’s success is its ability to turn custo­mers’ design ideas into a finis­hed, high-quality product within a matter of days. Proxi­mity to high-end Italian and French fashion brands, for whom inno­va­tion and crea­ti­vity are parti­cu­larly important, also plays a major role. At the same time, they expect a reli­ably high quality of the parts that are proces­sed in their products.

The group employs 250 people at its sites near Bergamo and Florence; it also recently opened a branch in Paris to deepen rela­ti­ons with French luxury goods brands. The Group serves a market that has grown globally by an average of six percent over the past 25 years. 2021 sales were around 60 million euros, 16 percent more than in the pre-Corona year 2019. The market losses caused by the Corona crisis were thus offset within one year.

“The Group has an estab­lis­hed posi­tion in a resi­li­ent market that is growing faster than the natio­nal product,” said Tom Alzin, member of the DBAG Manage­ment Board, on the occa­sion of the MBO. “We want to help ensure that the manage­ment team can conti­nue the buy-and-build stra­tegy to expand the company’s geogra­phic foot­print.” Corpo­rate acqui­si­ti­ons have been a signi­fi­cant part of DBAG’s value enhan­ce­ment stra­te­gies for years. In the past year alone, twelve invest­ments from the DBAG port­fo­lio comple­ted 25 corpo­rate acquisitions.

“Our agenda for the coming years inclu­des not only corpo­rate acqui­si­ti­ons,” said Cesare Luzzana, CEO of Metal­works Holding, “but also orga­nic growth through inno­va­tive, sustainable mate­ri­als for exis­ting and new customers.”

About Deut­sche Betei­li­gungs AG

Deut­sche Betei­li­gungs AG, a listed company, initia­tes closed-end private equity funds and invests — predo­mi­nantly along­side DBAG funds — in well-posi­­ti­o­­ned medium-sized compa­nies with poten­tial One focus for many years has been indus­try. An incre­a­sing share of equity invest­ments is accoun­ted for by compa­nies in the growth sectors of broad­band telecom­mu­ni­ca­ti­ons, IT services and soft­ware, and health­care. The long-term, value-enhan­cing entre­pre­neu­rial invest­ment approach makes DBAG a sought-after invest­ment part­ner. Assets mana­ged and advi­sed by the DBAG Group amount to 2.5 billion euros.

Subscribe newsletter

Here you can read about the latest transactions, IPOs, private equity deals and venture capital investments, who has raised a new fund, how Buy & Build activities are going.

Get in touch

Contact us!
fyb [at] fyb.de