Unveiling How CNH’s Master of M&A Secures Deals with ‘Black Belt’ Expertise

For over five years, CNH Industrial, renowned for its history of notable mergers and owning legendary brands such as Ferrari, found itself grappling to engage with the burgeoning agtech sector. Amidst this landscape, they tasked Michele Lombardi, a veteran executive known for his dynamic approach to business, with spearheading a new initiative.

Hailing from CNH’s strategic business development division, Lombardi was instrumental in forming high-stakes corporate partnerships, a testament to his “black belt team” credentials. Tasked in 2019 to foster connections within the startup ecosystem, Lombardi embarked on forming these vital links from the ground up.

“The challenge was clear; our pipeline for successful engagements was non-existent, leaving us at a standstill,” Lombardi shared with TechCrunch. “Starting out, our network was virtually non-existent.”

Lombardi’s strategy involved direct engagement with venture capital entities, anticipating their keenness on finding exit strategies for their agtech investments, including innovations in autonomous agricultural machinery and precise farming analytics.

Such efforts bore fruit, rapidly expanding his team to 14 members and establishing connections with promising startups and entrepreneurs.

Over the past five years, Lombardi’s endeavors have culminated in 12 strategic deals, comprising both acquisitions and investments across a diverse technological spectrum, including farm management systems, AI-based drone imaging, satellite navigation, and tractor manufacturing.

Amidst the challenges faced by the agtech sector, including decreased venture investments and valuations as per PitchBook data, Lombardi sees a golden opportunity for corporate venture capital initiatives like his own to make impactful partnerships and investments.

This period of adjustment in investment trends presents a unique chance to support entrepreneurs, identify viable ventures at more attractive valuations, and refine the agtech landscape for enhanced sustainability and competitiveness, argued Lombardi.

Crafting the Ideal Career Path

Leveraging two decades of experience across CNH’s global operations in agriculture and construction machinery, Lombardi’s journey through the company’s extensive restructuring and diversification offered him a unique vantage point. His journey included pivotal roles from managing CNH’s conglomerate structure in Italy—encompassing leading brands and media—to steering the company’s growth in Southeast Asia.

Back in Chicago since 2019, Lombardi’s directive has been clear—to lead CNH’s strategic investments and mergers, focusing not just on financial returns but on accelerating CNH’s technological advancement.

Lombardi emphasized the value of bringing together diverse CNH teams when assessing startups, focusing on technological synergy and potential industry impact, rather than mere financial gains.

Under his leadership, CNH has forged ahead, not only in terms of investments and acquisitions but by nurturing the broader ecosystem through collaboration and enabling startups to scale with confidence. Lombardi stresses the importance of personal engagement with entrepreneurs, valuing sincerity and readiness to collaborate above all.

For Lombardi, the essence of successful partnerships lies in the personal dynamics and potential for mutual growth, setting the stage for strategic decisions that benefit both CNH and the startups it chooses to support.