N.B. Renaissance, an investment company, has subscribed to a agreement binding onacquisition of 100% di U Power, an Italian manufacturer of safety shoes and work clothes among the best known in the world. The takeover has taken place together with the founder company Frank Uzzeni. The latter will reinvest a 30% stake together with a group of investors led by NB Renaissance and which includes the NB Private Equity platform and Style Capital. NB Renaissance will retain 70%. Uzzeni will remain at the helm of U-Power as President and Chief Executive Officer.
U-Power industry leader in Europe
U-Power is European leader in safety footwear with the first market share with the strongly growing workwear division. The company produces its own footwear in two research and development centers in Italy and in two production plants in Tunisia and France, while the production of workwear is outsourced to third-party manufacturers located in Asia-Pacific countries. U-Power serves over 8,000 specialist retailers, mainly small and medium sized, in Italy (where it reaches 50% of sales), France (31%), Spain (7%), Germany (5%) and the United Kingdom (2 %). In 2022 the turnover of the company was 270 million euros.
U-Power is a lot pay attention to sustainability, constantly looking for alternative and environmentally sustainable materials. In its range of products there are lines U-Green e J-Respect, first 100% carbon neutral work shoes in the world.
NB Renaissance: support in the growth of U-Power
NB Renaissance plans to leverage U-Power's ESG capabilities to further expand the product portfolio with innovative solutions capable of improving worker safety, implementing energy saving measures in the group's production plants and extending the share of energy from renewable sources, thus reducing greenhouse gas emissions. The investment company will accompany U-Power in the growth process based on initiatives that will favor the creation of value. Four are the strategic points identified:
- accelerate the international growth of the safety footwear business in France, Germany, Spain and the United Kingdom, consolidating leadership in Italy
- further develop adjacent products such as workwear, protective gloves and helmets
- enter the North American market
- seek industrial efficiencies through automation.
“NB Renaissance's entrance will allow for further strengthen the path of international growth of our group, particularly in the American and German markets, and encourage expansion into business sectors complementary to those already managed in footwear and workwear. Today's represents a fundamental step to extend and consolidate U-Power's leadership at a global level in the Personal Protection Equipment sector” declared Frank Uzzeni, Chief Executive Officer and President of U Power.
“We are thrilled to have been chosen by Franco Uzzeni and his family as a partner for the next phase of growth. U-Power has achieved outstanding results over the years and is at the forefront of ESG, having conquered the European leadership in safety footwear for workers. By partnering with an exceptional entrepreneur and a very talented management team, our focus now is to expand the business into new geographies and product categories and create a world leader in safety protective equipment,” he commented. Stefano Bontempelli, Co Founder and Senior Partner of N.B. Renaissance.
What is NB Renaissance
NB Renaissance is an investment company, based in Italy, focused on international realities. The company is born as a spin-off of Intesa Sanpaolo Private Equity in partnership with Neuberger Berman. NB Renaissance currently manages assets of over €2,5 billion. Has invested in 12 companies with an aggregate turnover of approximately 6 billion euros and 19.000 employees. I am four main investment themes: digital, sustainability, healthcare and specialized industry. The company's strategy is to support entrepreneurs and managers in their companies' growth plans with a partnership approach.
