Italian bicycle supplier Wilier Triestina Spa has acquired F.a.c. di Michelin Spa, also from Italy and manufacturer of Miche bicycle wheels and parts. The merger creates a group led by Wilier Triestina with total sales of about €80 million. No details were provided regarding the price of the transaction.
According to Wilier Triestina group chairman Andrea Gastaldello, it is appropriate for medium-sized companies to join forces in an increasingly global world to achieve growth and performance targets that are becoming more demanding by the day. While the future focus of Wilier Triestina and Miche will be on synergies in terms of resources, tools, know-how and experience, both brands will remain operationally independent. Thus, current Miche owner Luigi Michelin will also remain on board as CEO.
The group is also expected to create a center of excellence for the Italian bicycle industry and particularly for the Veneto region. The company said that further acquisitions of industrial companies “that share our values and goals” cannot be ruled out in the future. This seems doable, given that the Swiss-based investment group Pamoja Capital (a Canadian family business managing funds belonging to the McCall MacBain family) acquired a minority stake in Wilier Triestina, still a family-run company, in mid-2020.
The roots of F.a.c. di Michelin Spa and its Miche brand lie in Ciclo Piave, a company founded by the Michelin family in 1919. Even then, the company focused on the (bicycle) components market.