UTurn Investments has invested in 3T, to support the continued strong growth of the Italian bike company.
UTurn Investments is an independent family office founded by Gianpiero Peron, Luca Mongodi and Alberto Nicoli.
Rene Wiertz, founder and CEO of 3T, said: “We are happy that after an intense process with many interested parties, we have struck deal with UTurn that will help continue 3T’s strong growth and keeps this iconic brand in Italian hands.
“UTurn shares our vision for 3T and with their capital and management support, we can continue the strong growth of our bike business, which has grown exponetionally since 2019. Also, we will be able to accelerate the factory plans.”
Wiertz and Gérard Vroomen will remain shareholders and managers of 3T to guide the company on its growth path. Mongodi will also become involved in the operational and strategic management of the company.
3T is a thought leader in the design, production and sales of high-end road, gravel and e-gravel bicycles, The brand, founded in 1961, has operations in Italy, Taiwan and North America. It has a turnover of €20 million with an EBITDA of €5 million and, since 2019, it has grown in its bike business by more than 300%.
Gerard Vroomen, head of design of 3T, said: “The past seven years have been incredible for 3T and we are looking forward to continuing our plans. UTurn joining 3T will really help 3T establish itself further as one of the top brands in the bike industry.”
The brand’s new development path, in Italy and abroad, will unfold through the consolidation and further development of its distribution and expanded industrial infrastructure. The investment will allow 3T to ramp up its Italian production of strategic and innovative products such as the carbon frames ‘RaceMax Italia’ which 3T has already been producing in Presezzo for a few years.
The co-founders of UTurn Investments said: “This first acquisition of ours fully corresponds with the objectives and philosophy of UTurn Investments. 3T represents what we are looking for, a company that embodies the values of Italian know-how, Made in Italy products and great opportunities to achieve its potential all over the world.
“We enter 3T with patient capital, we do not opportunistically chase returns on immediate investment, but we aim to support the company on a solid growth path in Italy and abroad.”