Dresdner Kleinwort Capital invests in Newlast
Dresdner Kleinwort Capital, a division of German group Allianz Private Equity, has acquired 60% of Newlast, Italian producer of CNC machines and CAD/CAM systems for last manufacturing. Newlast has 80 employees and earned Eur20 million revenue in 2002, with a 30% growth forecast for 2003. DrKC manages funds of approximately Eur5 billion throughout the world and is active on all of the major markets with offices in
The agreement will see company founder Roberto Carlone remaining head of Newlast, as President and Chief Executive, and current management, in control of strategic decisions regarding future growth plans. In DrKC, Sg. Carlone considers the company has found a financial partner which respects its achievements and exceptional growth. The company achieves excellent margins and revenues through competitive, high-technological products and has great growth potential, all of which has made it attractive for an investor.
Newlast’s strength lies in its research, which, has revolutionised shoe last manufacture. DrKC’s financial support will help in this direction, adding the possibility if necessary, for external expansion. The company currently exports 80% of production and further growth also implies an expansion of markets and stronger customer services. This may in turn lead to acquisitions that would support its presence in new markets and both strengthen and expand the sales network. Founded in 1996, Newlast has indeed seen phenomenal grown - could the next step be to seek stock market listing?
