Sidi Sports bought by Italmobiliare for € 66 million

Sidi Sports, makers of cycling shoes worn by multiple cycling champions across CX, road, MTB and track, have been acquired by one of Italy’s leading investment holding companies.

Italmobiliare manages a diversified portfolio of investments with a Net Asset Value of more than 2 billion euro. The business reports that the acquisition “continues its strategy of expanding its investment portfolio. Since 2017, the business has consolidated its strategy of investing in companies with major innovative “Made in Italy” brands, supporting significant rates of growth with its know-how and models of development and governance.

Further, it is highlighted that Sidi Sport founder, Dino Signori, has led the company to become a globally recognised 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 at 31 August 2022, as calculated according to specific contractual clauses established by the parties. Execution of the contract, which is subject to completion of a corporate reorganisation that includes the spin-off of certain properties, is expected to take place in the fourth quarter of the year.

Carlo Pesenti, Italmobiliare’s CEO notes, “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”

“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” adds 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.

In the UK Sidi cycling shoes are distributed by Saddleback.