NB Renaissance signs agreement to buy U-Power

• Franco Uzzeni will reinvest for a significant stake, equal to 30 percent, together with a group of investors led by NB Renaissance
• NB Renaissance is a Milan-based investment firm with a focus on international companies based in Italy
• The firm currently manages over €2.5bn in assets

NB Renaissance has signed an agreement to acquire 100 percent of U-Power, a pan-European company that develops and produces work safety footwear, alongside Franco Uzzeni, chairman of U-Power.

U-Power is based in Novara, Italy.

Franco Uzzeni will reinvest for a significant stake, equal to 30 percent, together with a group of investors led by NB Renaissance, including NB Private Equity platform and Style Capital, upon the completion of the deal.

Uzzeni will continue to lead U-Power as chairman and CEO.

NB Renaissance plans to expand U-Power’s product portfolio to improve worker safety, implement energy saving measures in the production plants of the company and extend the share of energy sourced from renewable sources, according to a release.

“By partnering with an exceptional entrepreneur and a very talented management team, our goal is now to expand the business into new geographies and product categories and create a worldwide leader in safety protection equipment,” said Stefano Bontempelli, co-founder and senior partner of NB Renaissance.

NB Renaissance is a Milan-based investment firm with a focus on international companies based in Italy. The firm currently manages over €2.5 billion in assets.

NB was assisted by Houlihan Lokey, Intesa Sanpaolo – Divisione IMI Corporate & Investment Banking, Banca Akros and BNP Paribas as financial advisors, Legance Avvocati Associati as legal advisor, and AlixPartners as strategic advisor.