European private equity firm PAI Partners (PAI) is to acquire Pasubio, a specialised provider of premium leather for the automotive industry, from CVC Capital Partners VI (CVC).

Headquartered in Vicenza, Italy, a renowned leather district, Pasubio is 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. The Company has plants in Europe and North America as well as a dedicated R&D centre in Italy. Key clients include Porsche, BMW, Bentley, JLR, VW, Rolls Royce, Lamborghini and Maserati.

Under CVC’s ownership, Pasubio has experienced significant growth, evolving from a local champion into a multinational industry leader through organic growth and strategic acquisitions to expand its geographic reach and its stellar client base.

PAI will support Pasubio’s management team in its future growth plans, which include further consolidating the fragmented global automotive leather market and diversifying the Company’s offering into other premium automotive interior materials.

Read more/Source: Private Equity Wire