Italmobiliare invests in Sidi Sport, an iconic brand worn by champions and aficionados all over the world.
The following is a press release from Italmobiliare…
Milan, Italy (July 18, 2022) – Italmobiliare continues its strategy of expanding its investment portfolio with the acquisition of Sidi Sport, an iconic brand that has been able to revolutionize the world of cycling and motorcycling footwear, becoming co-protagonist of extraordinary victories that inscribed the legend of these sports.
Sidi Sport is an Italian success story as its founder, Dino Signori, has led the company to become a globally recognized leader in the production of cycling and motorcycling shoes, with a turnover of almost € 38 million in 2021 and EBITDA of around € 7 million.
Based on the agreements that have been reached, 100% of the capital of Sidi Sport S.r.l. will be taken over by Italmobiliare for an investment of € 66 million, in addition to the net cash held by the company on August 31, 2022, as calculated according to specific contractual clauses established by the parties. Execution of the contract, which is subject to completion of a corporate reorganization that includes the spin-off of certain properties, is expected to take place in the fourth quarter of the year.
“With this new transaction, Italmobiliare is expanding its presence in the sports and outdoor market, in a sector that features high growth and further development potential,” said Carlo Pesenti, Italmobiliare’s CEO. “The decision to invest in Sidi is based on the value of a winning brand that is much appreciated, the company’s production efficiency and its potential for future growth. For Italmobiliare, this new acquisition is a further step in our strategy of enhancing and strengthening successful Italian brands that are worth accompanying, also in terms of their global development.”
“I am proud of this deal which respects my history as an entrepreneur over the last sixty years or more. It will ensure that the company can grow even stronger and more competitive,” said Dino Signori, founder of the Company and current Chairman. “Italmobiliare—and Carlo Pesenti who I have come to know and respect—will be able to give continuity to the values and ideas that I have always pursued, consolidating and strengthening Sidi’s traditions and products. I thank my family and all of our employees for their efforts that have allowed us to achieve such brilliant results.”
Italmobiliare was assisted in the transaction by KPMG for the M&A process and the due diligence that covered financial, fiscal, legal and ESG matters, by Studio Giliberti Triscornia e Associati for the legal aspects, and by OC&C Strategy Consultants on strategic and business aspects.
Sidi Sport was assisted by Banca Generali Private Division Wealth Management, by Legalitax Studio Legale e Tributario, and by Alessandro Gallina, a longtime advisor of the Signori family.
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