Telemos Capital has announced the signing of a binding agreement to acquire a majority stake in Vittoria.
Telemos will invest alongside Vittoria’s senior management team and Wise Equity, aiming to build on the company’s leadership position in performance tyres and accelerate Vittoria’s growth globally.
Founded in 1953, Vittoria produces bicycle tyres and is based in Brembate, Italy. Since Wise’s investment in 2020, the business has grown, led by group chairman and CEO Stijn Vriends, who together with the current senior management team will reinvest and will continue to drive Vittoria’s ‘The Ride Ahead’ strategy.
Vriends said: “In Vittoria we are committed to making the most advanced bicycle tyres on the planet, to deliver the best riding experiences to cyclists of all kinds. The support of Wise Equity has been fantastic over the last years and we are very pleased that Telemos – with all its relevant experience in growing global brands – is now joining us on the ride!”
With the backing of Telemos, Vittoria said it will accelerate its plans for international expansion and further development of its products, services and channels. Vittoria will continue to invest in sustainability, innovation and research and development, building upon its manufacturing facilities as well as its recently inaugurated Vittoria Park, a unique cycling innovation and experience venue.
Philippe Jacobs, executive chairman of Telemos Capital, said: “For over 60 years, Vittoria has been at the core of cycling performance with an unparalleled track-record of wins across many disciplines of the sport. We feel privileged to be the new owners of such a storied brand and are excited about the prospects in front of us, as we join forces with the Vittoria team.”
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Jacob Polny, chief investment officer of Telemos Capital, added: “We are strong believers in the consumer trends at play in the cycling and broader outdoor categories and are impressed by Vittoria’s achievements to date. We very much look forward to working with Stijn and the Vittoria leadership team and will look to contribute with our experience to successfully build and grow another leading international brand.”
Paolo Gambarini, founding partner of Wise Equity, said: “Vittoria is the perfect example of how Wise Equity supports Italian companies and management teams to excel worldwide. In the last years Vittoria achieved impressive growth and enlarged its global leadership in premium bicycle tyres. This leadership will be reinforced by the recent investments in Vittoria Park, the Innovation Center and in the first carbon-neutral factory in the bicycle tyre industry. We are very much looking forward to the continued collaboration, now strengthened with Telemos.”
The transaction is expected to close in early 2023.
Vittoria was advised by Baird, Simmons & Simmons, OC&C, KPMG, Fieldfisher, and Spada&Partners. Telemos Capital was advised by Lincoln, Linklaters, Oliver Wyman and PwC. Management was advised by Fides Partners.