PAI Partners’ Acquisition of Pasubio

Shearman & Sterling advised CVC Capital Partners in the transaction.

CVC Capital Partners executed the sale to the private equity fund PAI Partners of 100 percent of Pasubio, a leading European leather manufacturer, which produces high quality leather products for car interiors serving the premium and luxury automotive segments.

Pasubio employs approximately 1,000 people and operates six facilities, where it performs tanning, post-tanning and cutting activities. Pasubio has plants in Europe and North America. Key clients include Porsche, BMW, Bentley, JLR, VW, Rolls Royce, Lamborghini and Maserati.

Established in 1981, CVC is a world leader in private equity and credit with $114.8 billion of assets under management, $162.7 billion of funds committed and a global network of 24 local offices: 16 across Europe and the Americas and eight in the Asia Pacific region.

PAI Partners is one of Europe’s oldest and most experienced private equity investors. Its origins date back to 1872 and Paribas Affaires Industrielles, the principal investment activity of Paribas, a pan-European merchant bank which is now part of BNP Paribas.

Closing of the transaction, which is subject to a customary closing condition, is expected for October 2021.

Shearman & Sterling LLP advised CVC Capital Partners with partner Fabio Fauceglia (Picture), counsel Emanuele Trucco, associate Eugenio Zupo, and Aldo Schiavo, supported by Luca Mirabile and Michela Marchetti. Aldo Schiavo advised on finance matters.

Latham & Watkins advised PAI Partners with a team led by partner Stefano Sciolla, assisted by Andrea Stincardini, Raissa Sciarrone, Paola Nava, Elena Pavan and Lorenzo Cappelli for corporate law, Cesare Milani and Virginia List on regulatory matters, Eleonora Baggiani and Nicola Dall’Acqua for finance aspects, as well as Luca Crocco and Laia Marco on antitrust law.

Facchini Rossi Michelutti advised Pasubio and seller on tax due diligence with a team led by partners Luca Rossi and Marina Ampolilla, alongside associates Giacomo Ficai, Massimiliano Altomare, Andrea Conte, Sara Maimone and Giulia Tognalini.

Russo De Rosa Associati advised Pai Partners on the deal with a team led by Leo De Rosa and Andrea Bolletta, assisted by Niccolò Cappellini, Alessia Boddi and Martina Bambino for due diligence fiscale, and Andrea Isola on tax structuring.

Involved fees earner: Massimiliano Altomare – Facchini Rossi Michelutti; Marina Ampolilla – Facchini Rossi Michelutti; Andrea Conte – Facchini Rossi Michelutti; Giacomo Ficai – Facchini Rossi Michelutti; Sara Maimone – Facchini Rossi Michelutti; Luca Rossi – Facchini Rossi Michelutti; Giulia Tognalini – Facchini Rossi Michelutti; Eleonora Baggiani – Latham & Watkins; Lorenzo Cappelli – Latham & Watkins; Luca Crocco – Latham & Watkins; Nicola Dall’Acqua – Latham & Watkins; Laia Marco – Latham & Watkins; Paola Nava – Latham & Watkins; Elena Pavan – Latham & Watkins; Raissa Sciarrone – Latham & Watkins; Stefano Sciolla – Latham & Watkins; Andrea Stincardini – Latham & Watkins; Martina Bambino – Russo De Rosa Associati; Alessia Boddi – Russo De Rosa Associati; Andrea Bolletta – Russo De Rosa Associati; Niccolò Cappellini – Russo De Rosa Associati; Leo De Rosa – Russo De Rosa Associati; Andrea Isola – Russo De Rosa Associati; Fabio Fauceglia – Shearman & Sterling; Aldo Schiavo – Shearman & Sterling; Emanuele Trucco – Shearman & Sterling; Eugenio Zupo – Shearman & Sterling;

Law Firms: Facchini Rossi Michelutti; Latham & Watkins; Russo De Rosa Associati; Shearman & Sterling;

Clients: Conceria Pasubio S.p.A.; CVC Capital Partners; PAI Partners;