After three years of shopping it around, Investcorp has finally sold the Dainese group of brands, with The Carlyle Group (an American private equity firm) purchasing the Italian apparel manufacturer for a reported €630 million.
That number represents a nearly 5x return from the €130 million that Investcorp spent when it purchased 80% of Dainese SpA from founder Lino Dainese in 2014 – making the venture quite a profitable one for the Bahraini firm.
According to its press release, Investcorp doubled Dainese’s sales while the brand was under its ownership, with yearly revenue pegged around €250 million. Dainese also bought Italian boot-maker TCX during the same time period, adding to the holdings, which already includes the AGV helmet brand.
“Six years ago when we invested in Dainese, the founder Lino Dainese said he wanted a partner that shares his passion and ambition for his company,” said Hazem Ben-Gacem, Co-Chief Executive Officer at Investcorp.
“It’s satisfying to know that Investcorp have been that partner to Dainese, as under our leadership we facilitated EBITDA growth of more than five times and created a business well positioned for continued success.”
“We will continue on our mission to support exceptional Italian brands in their journey to become world leaders. Gucci, Riva Boats and Dainese are just a few of Italy’s best that we had the honour to partner with and support – that mission shall continue at Investcorp.”
The move for The Carlyle Group is an interesting one. The American firm is the second-largest private equity group in the world, and boasts $276 billion in assets under management.
The Carlyle Group has said though that it plans to focus on growth in the United States and China, by expanding Dainese’s distribution network, and perhaps by adding other brands into the group.
It is not clear though whether Dainese CEO Cristiano Silei will be continuing in his role going forward.
With Dainese and Alpinestars fighting for supremacy in the airbag safety apparel market, this new investment from The Carlyle Group is certainly going to heat things up, which bodes well for motorcyclist.
Source: Investcorp
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