PM&Partners SGR, one of leading private equity managers in Italy, enters as majority shareholder in Cytech, the parent company of the well-known Elastic Interface pads for cycling shorts. Founders Marino De Marchi and Stefano Coccia will remain in the company with minority stakes, to ensure full continuity with the past. The company is aiming for great future goals.
San Vendemiano (TV) 1ST April 2021 – PM&Partners SGR announces the acquisition of a majority stake, its entry, with private equity fund PM&Partners III, of Cytech Group, world leader in the production of pads for cycling apparel and, recently, of cycling gloves with the revolutionary EIT Palm Technology.
Headquartered in San Vendemiano, near Treviso, in North East Italy, the Cytech Group is a multinational company with offices and plants located in Italy, Croatia and Mexico. Its products are sold in over 40 countries around the world, under three different labels.
Elastic Interface is undoubtedly the most famous one. 100% Made in Italy in the Treviso plants, it is the choice of the most prestigious cycling clothing companies in the world,
including Assos, Gore, Specialized, Rapha and Giro, to name but a few. Elastic Interface is joined by Berenis, which manufactures products in Croatia with an excellent value for money and entirely Made in Europe, and Bikepad, which makes competitively priced, USMCA friendly products that are proudly 100% Made in Mexico.
The Cytech group is a world leader in the production of cycling pads: in 2020 the company sold more than 3.2 million pads. Today, the production widens to cycling gloves as well. The recent launch of the revolutionary EIT Palm technology, the first three-dimensional palm for cycling gloves, has further expanded the company’s product portfolio and customer base.
Cytech has a consolidated turnover of around €20 million per year, of which almost 90% is exported. The company employs over 100 people, including direct workers and the staff of the few, selected, partner suppliers.
A flagship of the Italian industrial matrix, Cytech has always paid particular attention to the issue of sustainability, with sustainable production policies and processes and the use of certified, eco-friendly fabrics. In addition to ISO 9001 certification, the Elastic Interface brand
has also obtained ISO 14001 certification, thus becoming the first cycling pad manufacturer in the world with a certified environmental management system.
PM&Partners, a leading private equity operator in the Italian mid-market will support Cytech in an ambitious development plan.
In the near future, management will be strengthened with the arrival of a new CEO with extensive experience in the cycling sector.
The transaction was financed by Cassa Centrale Banca – Credito Cooperativo Italiano, assisted by Clifford Chance.
The founders of Cytech were assisted by the law firm Gianni & Origoni of Milan and Studio Epica Commercialisti Treviso. PM&Partners was assisted by the law firm Gattai, Minoli, Agostinelli & Partners, for the accounting and tax due diligence by Deloitte, for the business due diligence by GLG and for ESG and environmental due diligence by Anthesis. Studio Notai Milano assisted the parties in the notarial aspects.
About CytechFounded in 2001, Cytech is the inventor of the first elastic pad for cycling shorts. Today, the company is a world leader in the production of quality pads for cycling apparel and gloves with the revolutionary EIT palm technology. The company is also active in the world of horse riding and is expanding into other sports. Headquartered in San Vendemiano (TV) and with offices and factories in Italy, Croatia and Mexico, Cytech sells its products in over 40 countries around the world through its three proprietary brands: Elastic Interface, Berenis and Bikepad.About PM&Partners SGRPM&Partners, is one of the leading private equity operators in the Italian mid-market with a twenty- year history of investments. It has raised funds for over 600 million and has carried out over 30 transactions, typically by the acquisition of majority and qualified minority stakes in medium-sized Italian companies (turnover between Euro 30 and 120 million).Cytech is the first investment with PM&Partners III Fund.
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