Investment holding company Italmobiliare is acquiring the cycling and motorcycling footwear company Sidi Sport for 66 million euros ($66.8 million).
According to an Italmobiliare news release, all Sidi Sport capital will be acquired, in addition to the net cash held by the company on Aug. 31, 2022. The completion of the deal, subject to a corporate reorganization that includes the spin-off of certain properties, is expected to occur in the fourth quarter of this year.
Sidi Sport was founded by Dino Signori in 1960.
For Sidi's U.S. distributor, Ciclista America, the acquisition is a good thing, Ciclista America-Motonation President Bill Berroth told BRAIN on Wednesday.
Italmobiliare has two main segments: industrial and services for industry, and financial and private equity. Business interests include production and marketing of fresh-food packaging and production and distribution of electric energy from renewable sources. It operates across Europe primarily through its subsidiaries.
Since 2017, it has consolidated its strategy of investing in companies with major innovative "Made in Italy" brands. It has a net asset value of more than 2 billion euro.