MTWH, Castelli Calepio (Italy)

Manufacturer of metal applications for the luxury goods industry

Key facts at a glance

  • Manufacturer of metal applications in the luxury goods industry
  • Established position in a resilient end market
  • Continuation of buy-and-build strategy
  • Offering highest level of service to the growing upper-end market

Revenues in €mn








2022 (preliminary)
Investment by DBAG
Management Buyout

Majority investment of DBAG Fund VIII
First invested
June 2022

As of 31 March 2023



Three companies operate under the umbrella of MTW Holding, complementing each other in terms of product range and customer relations: Metalworks, Mengoni & Nassini and FGF. The Group designs and produces high-quality metal accessories for luxury fashion brands. Typical products include belt buckles, clasps or fittings for handbags, shoes and clothing, as well as jewelry or emblems of almost all major iconic luxury brands. These products are made of metals such as brass, zamak or steel as well as plastic. Crucial to the company's success is its ability to turn customers' design ideas into a marketable products of highest quality in a matter of days. Proximity to Italian and French high-end fashion brands, which are highly dependant on innovation and creativity of their suppliers, also plays a major role.

The Group employs 250 people at its sites near Bergamo and Florence; a sales office was recently opened in Paris to deepen relations with French luxury goods brands. The Group serves an end market that has grown globally by an average of six percent over the past 25 years.

We will support the management’s buy-and-build strategy and thus expand the Group's strong market position.

Giovanni Revoltella
Managing Director DBAG Italia


per cent

market growth worldwide over the past 25 years

Potential for development

The Goup already holds a well-established position in a highly resilient market. In the coming years, the Group is expected to grow through corporate acquisitions, and also record organic growth through innovative products made from sustainable materials for existing and new customers.


Giovanni Revoltella
Giovanni Revoltella
Giovanni Revoltella
+39 0200 70 246-8

Giovanni Revoltella

Managing Director

Giovanni Revoltella leads DBAG Italia as Managing Director since 2021.

He has 19 years of experience in private equity. He started his career at Lehman Brothers M&A in London and subsequently worked as an investor at Argan Capital, Italy1 Investment SPAC and Capvis.

Giovanni Revoltella obtained a degree in economics from Bocconi University, Milan, and also studied at the University of Cologne. 

Current portfolio companies


Former portfolio companies