Conceria Pasubio, a major Italian leather supplier for luxury cars, has taken two big steps into the fashion leather market. According to BeBeez, Pasubio based in Arzignano and owned by French private equity group PAI Partners since 2021, has acquired full ownership of SK!N and Conceria Antiba both located in Tuscany.
The first deal happened in late February when Pasubio bought 100% of SK!N, a leather firm from Ponte a Egola near Pisa. SK!N was founded in 2015 by Daniele Salassa, Arrigo Calorini, and Emanuele Salassa.
The company focuses on finished leather used in handbags, shoes, and clothing. It has showrooms in Milan and Paris and reported €3 million in revenue for 2024 with €1 million in adjusted EBITDA.
The second deal, signed in mid-April, involves the full takeover of Conceria Antiba. This tannery is known for producing high-end leathers for fashion brands like Chanel, Bottega Veneta, Hermes, and Dior.
The deal is expected to close by June after getting approval from Italy’s antitrust authority. Pasubio will make the acquisition through its subsidiary Unica.
Antiba recorded €57 million in revenue last year and €12 million in adjusted EBITDA. The company also owns shares in Mangusta, a fellow Tuscan leather firm, and has expanded globally with tanneries in India.
Both of these purchases were shared with investors during Pasubio’s 2024 results presentation. The deals were funded using a mix of new debt and equity, adding about €45 million in debt.
PAI Partners has made it clear that they want to become a bigger player in the luxury fashion leather market. They have already identified over 20 potential acquisition targets in Tuscany.
Conceria Pasubio, which started in 1959, is well-known in the automotive world. It supplies leather to top car brands like Porsche, Jaguar Land Rover, Lamborghini, Bentley, Rolls-Royce, Maserati, and Alfa Romeo.
Today, Pasubio operates 11 modern plants, including five in Italy, two in Germany, and others in Serbia and Mexico.
For 2024, the group reported €328.1 million in net revenue, down 8.4% from the previous year. This drop was mainly due to lower car sales in Europe. Still, the company posted €67.2 million in adjusted EBITDA and slightly reduced its net debt to €339 million.
Source – BeBeez
