Riello Investimenti Partners Sgr Spa completes preliminaries for the acquisition of 65% of the Italian company, Garmont.
Vedelago (Treviso, Italy), March 4th 2021: GARMONT INTERNATIONAL SRL, premier international manufacturer of performance footwear for mountaineering, hiking and other outdoor pursuits, as well as tactical footwear, has announced that ITALIAN STRATEGY PRIVATE EQUITY (ISPE), managed by Riello Investimenti Partners Sgr Spa, has entered the share capital of the company with 65% of shares.
Of the remaining 35%, Pierangelo Bressan, current President and CEO, holds 30% and will continue in his present role, and Terry Urio holds 5% and will also continue in his role as CFO.
Pierangelo Bressan, President of Garmont International Srl, declared: “I started this adventure almost by chance, motivated by the objective of relaunching this prestigious Italian brand. After many years of commitment, I considered best to sit down with people with whom there was an immediate agreement on the strategic guidelines that define a new path for the growth and consolidation of the GARMONT® brand, also internationally. I thank our new investors for their trust in confirming my role as president of the company.”
Nicola Riello, President of Riello Investimenti Partners Sgr, commented: “We are very satisfied with this operation. GARMONT® perfectly represents – both in terms of size and quality – the typical business case that exemplifies the best of Made in Italy. It operates on a market that is growing strongly, namely technical footwear and clothing for mountain sports, which is particularly appreciated abroad and therefore has the best growth potential. We will provide our support for the development of the GARMONT® brand respecting the continuity of the management and, as is our custom, in a logic of partnership”.
ISPE is the third Private Equity fund managed by Riello Investimenti Partners SGR. The fund’s management team has extensive financial and business expertise, key to the identification of the best business opportunities and projects to invest in.
The acquisition is expected to be finalised within the end of March 2021.