A year and a half after acquiring the Swiss Mammut Sports Group from Bystronic (formerly Conzzeta Group), Telemos Capital is making news with another acquisition in the sporting goods industry. The British investment group has signed a binding agreement to acquire a majority stake in Vittoria Group, the bicycle tire supplier owned by management and venture capital and private equity fund company Wise Equity SGR S.p.A. Vittoria just in August raised (as reported by OIC) a €5 million bond from major bank Unicredit to invest in the construction of a factory by Vittoria-owned producer Lion Tyres in Bangkok. The size of Telemos’ share and exactly what the London-based investor is paying for it were not disclosed. The transaction is expected to be finalized by the beginning of 2023.
According to information from Vittoria S.p.A.’s headquarters in Brembate, Italy, Telemos will invest in the tire producer together with Vittoria’s management team and Wise Equity. In doing so, they will work together to “strengthen the company’s leadership position in the high-performance tire sector and accelerate Vittoria’s growth worldwide.”
Since Wise’s investment in 2020, Vittoria Group has grown significantly under the leadership of Chairman and CEO Stijn Vriends. Together with the current management team, Vittoria will make several re-investments and says it is determined to continue to drive its successful strategy, “The Ride Ahead.” According to Vriends, the support from Wise Equity has been fantastic over the past few years. Now they are excited to have Telemos join the company with all of its relevant experience in growing global brands.
With Telemos backing it, Vittoria Group will accelerate its plans for international expansion and further development of its products, services and distribution channels. “Vittoria will continue to invest in sustainability, innovation and research and development, building on its world-class production facilities and the recently opened Vittoria Park, a unique place for innovation and experience in cycling,” the company said.