MILAN (BRAIN) — Investment holding company Italmobiliare is acquiring cycling and motorcycle shoe company Sidi Sport for 66 million euros ($66.8 million).
According to a press release from Italmobiliare, the entire capital of Sidi Sport will be acquired, in addition to the net cash held by the company as of August 31, 2022. The completion of the operation, subject to a social reorganization which includes the spin-off of some properties, is expected to take place in the fourth quarter of this year.
Sidi Sport was founded by Dino Signori in 1960.
“I am proud of this agreement, which respects my history as an entrepreneur over the past 60 years or more,” said Signori, who is the company’s chairman. “This will ensure that the company can become even stronger and more competitive. Italmobiliare – and (CEO) Carlo Pesenti, whom I have come to know and respect – will be able to give continuity to the values and ideas that I I have always pursued: to consolidate and strengthen the traditions and products of Sidi. I thank my family and all our employees for their efforts which have enabled us to obtain such brilliant results.
For Sidi’s U.S. distributor, Ciclista America, the acquisition is a good thing, Ciclista America-Motonation President Bill Berroth told BRAIN on Wednesday.
“Having recently signed a multi-year extension to our 22+ year distribution agreement, the new changes this group will bring to Sidi will certainly invigorate and help grow the Sidi brand, both in the cycling and motorcycling sectors. “, Berroth said.
Italmobiliare has two main segments: industrial and services for industry, and financial and private equity. Business interests include the production and marketing of fresh produce packaging and the production and distribution of electrical energy from renewable sources. It operates throughout Europe primarily through its subsidiaries.
Since 2017, it has consolidated its strategy of investing in companies with major innovative “Made in Italy” brands. It has a net asset value of over €2 billion.
“With this new transaction, Italmobiliare expands its presence in the sports and outdoor market, in a sector that shows strong growth and development potential,” said Pesenti. “The decision to invest in Sidi is based on the value of a highly regarded winning brand, the company’s production efficiency and its potential for future growth. For Italmobiliare, this new acquisition is a new step in our improvement and strengthening strategy Italian brands that deserve to be accompanied, also in terms of global development.”