Progold Expands Asian Presence with ABI Manufacturing Acquisition
Deal News | Jun 03, 2025 | Finance Community IT - 3 Private Equity
Progold, a leading Italian company specializing in the development and production of precious metal alloys and advanced additive technologies for the jewelry sector, has announced its acquisition of ABI Manufacturing International, a Thailand-based jewelry industry competitor. Progold, controlled since 2021 by LBO France through the Small Caps Opportunities fund, aims to enhance its presence in the Asian market through this acquisition. Advisors for the deal included Chandler Mori Hamada Limited, Tilleke & Gibbins, Greenberg Glusker, Advant Nctm, Kroll Associates, and Ramboll Italy. ABI Manufacturing International, founded by Gary Ford, will continue operating under its own brand and organizational structure, benefiting from Progold's advanced technological capabilities, financial resources, and innovative capacity. The company's leadership remains unchanged, with Nongluck Julsuwan as CEO and Noppadon Niwattannan as Head of Operations. However, Progold's executive team members, including President and CEO Damiano Zito, Vice CEO Gemma Michelin, and Board Member Thomas Hammershy Nyborg, will join the expanded board of directors.
Sectors
- Jewelry Manufacturing
- Private Equity
Geography
- Italy – Progold is an Italian company, and the acquisition of ABI Manufacturing represents an international expansion effort.
- Thailand – ABI Manufacturing International, the target company in the acquisition, is based in Thailand, indicating the geographical scope of the transaction.
Industry
- Jewelry Manufacturing – Progold and ABI Manufacturing are both participants in the jewelry manufacturing industry, which involves the design, production, and distribution of jewelry items using precious metals and advanced technologies.
- Private Equity – LBO France is a private equity firm investing in companies like Progold to facilitate growth and expansion through strategic acquisitions.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Progold | Acquirer | Company | An Italian company developing and producing precious metal alloys and advanced additive technologies for the jewelry sector. |
| ABI Manufacturing International | Target | Company | A Thailand-based jewelry manufacturing competitor, continuing operations under its own brand post-acquisition. |
| LBO France | Private Equity Owner | Company | A private equity firm that controls Progold through its Small Caps Opportunities fund. |
| Chandler Mori Hamada Limited, Tilleke & Gibbins, Greenberg Glusker, Advant Nctm, Kroll Associates, Ramboll Italy | Advisors | Company | Firms that acted as advisors in the acquisition process. |
| Nongluck Julsuwan | CEO | Person | The CEO of ABI Manufacturing International who will remain in position post-acquisition. |
| Noppadon Niwattannan | Head of Operations | Person | The Head of Operations at ABI Manufacturing International, staying on post-acquisition. |
| Damiano Zito | Chairman and CEO | Person | Chairman and CEO of Progold, joining ABI's board. |
| Gemma Michelin | Vice CEO | Person | Vice CEO of Progold, joining ABI's board. |
| Thomas Hammershy Nyborg | Board Member | Person | Board Member at Progold, joining ABI's board. |