Novation Tech SPA acquires 85% of Citre Color SRL
An important and strategic step in consolidating leadership position as an integrated supplier of composite components.
Novation Tech SpA, a manufacturer of composite components for the automotive, aerospace, sports & leisure sectors, announces its entry into the capital of Citre Color Srl, a company specialising in high-quality painting of carbon fiber reinforced and plastic products.
Citre Color Srl, a company founded by Luisella Casonato and Mario Vettorel in 1995 in Oderzo (TV), has over the years become a major player in Italy and Europe in the painting of composite material products and components for the Automotive, Furniture, Sports & Leisure sectors. Citre Color currently has a staff of more than 80 highly specialised workers and in 2022 achieved a turnover of more than 10 million euros.
Novation Tech, after years of intense collaboration with Citre Color’s Vettorel family, reached an agreement to enter the capital. The company purchased 85% of the capital, with Mario Vettorel’s two sons, Matteo and Stefano, also remaining among the shareholders, as a sign of continuity, with 15%. For Novation Tech, the investment in the control of the company is a strategic and important step towards the vertical integration of its production process, with the objective of further development and growth aimed at providing a high-quality service to its end clients.
Joining the new Board of Directors are Luca Businaro (CEO of Novation Tech SpA) as Chairman, Alberto Gatto (COO of Novation Tech SpA), Angelo Pozzato (CFO of Novation Tech SpA) and Stefano and Matteo Vettorel (operating in Citre Color Srl). Citre Color’s current CEO Mario Vettorel will retain his role as General Manager of the company after the sale of shares.
Luca Businaro, CEO of Novation Tech Spa commented; “This operation is an extremely important and strategic achievement for the development of Novation Tech SpA and represents the first step of external growth after years of continuous and incessant double-digit internal growth, leading the Novation Tech group to exceed the target of 100 million turnover by 2023. I am grateful for the successful partnership developed over the years with Mario Vettorel and his family: the signed agreement will enable both companies to make a further leap in terms of quality and increase in volumes in the future.”
Mario Vettorel, CEO of Citre Color said; “This is an extremely important moment for my family and for the company we have built together over these years of sacrifice and great satisfaction. Our company is growing significantly, and I believe there is a need to sustain this performance through an industrial structure that will allow Citre Color to develop its potential nationally and internationally. I would like to thank our Collaborators who are accompanying and supporting us in this magnificent adventure. A new chapter is opening that will lead our company to be a major leader in its reference market, while maintaining strong territorial ties with the area where it was born and grown.”
Novation Tech SpA was assisted in all legal aspects by TP Legal with a team led by partner Gian Luca Toppan and comprising senior associate Elena Dalla Rosa and trainees Gianluca Florian and Lucia Da Ros. The law firm Boffa e Associati acted as financial advisor for the transaction (also carrying out the fiscal Due Diligence activity) with partner Ermanno Boffa and senior manager Valentina Chiavaroli. The Financial Due Diligence activity was carried out by Ernst & Young with partner Luciana Sist and manager Edoardo Stecca.
Citre Color Srl was assisted in the negotiations by Studio Partes, in the role of Corporate and Financial Advisor, with Partners Massimo Tesser and Luigi Serraglio, and by lawyer Stefano Vecchiato, of Studio Partes Legal, for the legal part.
