New phase for Eurmoda: Aurora becomes 50% shareholder, MCP and other current investors retain 50% stake
New phase for Eurmoda: Aurora becomes 50% shareholder, MCP and other current investors retain 50% stake
- Aurora acquires a stake from the current shareholders and subscribes to a capital increase to finance add-on acquisitions
- At closing, Aurora will hold approximately 50% and Mindful Capital Partners (MCP) around 27%. Marco Vecellio (founder & CEO) and Auro Macuz remain shareholders and strategic partners in the new growth phase
- Marco Vecellio retains the Group CEO role
- Eurmoda is the Italian market leader in the production of metal accessories for luxury leather goods
Milan, 5th June 2025 – Aurora Growth Capital has signed a binding agreement to acquire approximately 50% of Eurmoda S.p.A. through the purchase of shares from existing shareholders and a dedicated capital increase to support acquisitions of other players. MCP (Mindful Capital Partners) retains roughly 27%, while Marco Vecellio (founder & CEO) and Auro Macuz remain shareholders. Minority shareholders are fully exiting the company. Closing remains subject to customary conditions and is expected by the end of July 2025.
Eurmoda leads the Italian market in the production of metal accessories for leather goods – such as handbags and belts – which represent approximately 90% of total revenues. The Group boasts an extensive client base and longstanding relationships with high-end luxury brands.
Eurmoda Group was established in October 2019 by Mindful Capital Partners, an independent private equity firm, with the goal of creating a platform of excellence in the high-end fashion accessories sector. The initiative began with the acquisition of the Veneto-based company Eurmoda, founded in 1986 with the aim of synergistically combining the expertise of manufacturers of high-fashion accessories with mechanical and technological know-how derived from the eyewear industry in the Belluno district and the goldsmithing tradition of the Vicenza area. Through add-on acquisitions, including Alce S.r.l. (Valsamoggia, BO), ABC Morini S.r.l. (Scandicci, FI) and Florence’s historic Macuz S.r.l., Eurmoda has built strong partnerships with leading luxury brands. Today, under CEO Marco Vecellio’s operational leadership, the Group is active across Veneto, Emilia-Romagna and Tuscany.
The growth strategy follows a dual path: organic growth, aimed at attracting new clients and deepening relationships with existing ones through an expanded product offering; and M&A transactions involving a number of pre-identified targets, supported by the capital increase subscribed by Aurora. In 2024, the Eurmoda Group reported approximately €60 million in revenues and €10 million in EBITDA, corresponding to an 18% margin.
The Group currently employs around 360 people.
Giacinto d’Onofrio, Managing Partner at Aurora, said: “We are thrilled to become shareholders in Eurmoda and to partner with MCP, Marco and Auro for this next phase of growth. Eurmoda is a benchmark company in the sector and is well positioned to consolidate other players, expanding both its product range and customer base. We expect the Group to benefit from the gradual market recovery starting in 2026”.
Marco Vecellio, CEO of Eurmoda, commented: “When a genuinely productive industry meets the finance world in a healthy, respectful balance, great opportunities emerge. Eurmoda has always maintained a strong and concrete focus on its industrial project, and this will continue. With Aurora’s support, we are ready to pursue strategic acquisitions that will drive meaningful value. We will do so without ever losing sight of our core business and with unwavering commitment to customer satisfaction”.
Andrea Tuccio, Managing Partner at MCP, added: “We are particularly proud to complete a very satisfactory exit in a sector undergoing a period of reflection and recalibration. This confirms that we built the right platform – backed by diversified clientele, presence across multiple luxury segments, advanced technology and know‑how, and a stellar management team. We are equally excited to continue investing alongside a major player like Aurora to advance our project, with several strategic add-ons already identified that will further enhance value”.
Aurora was supported by LMCR Studio Legale (legal advisor for the acquisition), OC&C (business advisor), PwC (accounting, ESG & HSE), and Spada Partners (tax).
MCP and the selling shareholders were advised by Dawan Corporate Finance (financial advisor), Giovannelli & Associati (legal), Gitti & Partners (tax), KPMG (vendor financial due diligence), and OC&C (vendor commercial due diligence).
Cassa Centrale Banca remains Eurmoda’s financing partner.
About Aurora Growth Capital
Aurora invests in Italian SMEs that are niche, high‑value, and growth‑oriented. Its investment strategy focuses on five verticals: Made in Italy, healthcare, environment & sustainability, tech growth & digital transformation, specialized industrial manufacturing, and B2B services. Today, Aurora holds 12 portfolio companies with a combined turnover of approximately €2.6 billion. For more info, please visit Aurora Growth Capital.
About MCP – Mindful Capital Partners
MCP is an independent private equity fund manager specializing in growth investments in small and mid‑sized companies with international potential. Headquartered in Luxembourg, with offices in Milan and Shanghai, MCP also covers German‑speaking markets through a longstanding local partner. Its integrated investment team across multiple geographies provides decisive support for portfolio companies’ international development.