Sidi Sport Company Acquired By Italian Investment Company

Italian investment holding company Italmobiliare is announcing the acquisition of bicycle and motorcycle footwear company Sidi Sport for 66 million euros ($66.8 million).

According to an Italmobiliare press release, all of Sidi Sport's capital will be acquired in addition to the company's net cash held on August 31, 2022. The circumstances of the transaction are subject to a corporate restructuring, including the spin-off of some of the properties, which is expected to take place in the fourth quarter of 2022.

The Sidi Sport company was founded in 1960 by Chairman Dino Signori. He expressed his pride in this transaction, saying that the investment company can recognize the experience of an entrepreneur in the past 60 years or more, and can make the company stronger and more competitive. Italmobiliare, together with CEO Carlo Pesenti, will be able to continue the values and philosophies that I have always pursued, consolidating and strengthening Sidi's heritage and products. I would also like to thank my family and all the staff for their hard work in enabling us to achieve such a brilliant result.

Bill Berroth, president of Ciclista America-Motonation, told BRAIN that the acquisition is a good thing for Sidi's U.S. distributor, Ciclista America.

"With the recent signing of a multi-year extension to our 22+ year dealership agreement, the new changes the group will bring to Sidi will certainly reinvigorate and help the Sidi brand grow in the bicycle and motorcycle space," said Berroth.

Italmobiliare has two main segments: Industry and Industrial Services, and Finance and Private Equity. Commercial interests include the production and marketing of fresh food packaging and the production and distribution of electricity from renewable sources. It mainly operates in Europe through its subsidiaries.

Since 2017, the company has strengthened its strategy of investing in companies with the main innovative "Made in Italy" brand. Its net asset value exceeds 2 billion euros.

Pesenti said, "With this new transaction, Italmobiliare is expanding its presence in the sports and outdoor market, an area with high growth and further development potential, the decision to invest in Sidi is based on the well-appreciated value of the successful brand, the company's production Efficiency and its future growth potential. For Italmobiliare, this new acquisition is a further step in strengthening our “Made in Italy” strategy, also in terms of global growth.”