Garmont International, the Italian manufacturer of outdoor and tactical footwear, has announced that Italian Strategy Private Equity (ISPE), managed by Riello lnvestimenti Partners, has acquired a 65 percent stake in the company’s share capital. The transaction is expected to be completed by the end of March. Thereafter, Pierangelo Bressan, current president and CEO, who will continue in his current role, will hold 30 percent of the company, with the remaining 5 percent owned by Terry Urio, who will continue in his role as CFO. As previously reported in our sister publication SGI Europe, British entrepreneur Wayne Edy (Inov-8) had sold his 25 percent stake in Garmont to the shareholders at the end of February. As part of the transaction, Bressan, president of Garmont, emphasized the “immediate agreement on the strategic guidelines that define a new path for the growth and consolidation of the Garmont brand, including internationally” with the new majority shareholders.
The ISPE private equity fund focuses on majority or qualified minority investments in companies that are rated to offer value generation potential and operate in traditional “Made in Italy” industries, including, for example, the health food company FoodNess or First Advisory Insurance Broker. According to Riello lnvestimenti, the fund is currently targeting a size of €150 million.