MILAN — Italian sportswear group Manifattura Valcismon, famous for making jerseys for the Giro d’Italia cycling race, said on Wednesday it had sold a 40 percent stake to private equity fund Equinox.
The company, which already generates more than 90 percent of its sales abroad, wants to expand further outside its home turf with the support of its new partner, it said in a statement.
Its products are sold under several brands including Castelli, which makes the Giro d’Italia official jerseys, and Karpos, specialising in trekking and outdoor clothing.
The family-controlled group plans to grow in the United States and enter Asian markets, two sources close to the matter said.
“The deal with Equinox is a first step … in the medium term Manifattura Valcismon could go public,” one source said.
Equinox will pay nearly 90 million euros ($102 million) for the stake, the sources said, pointing to a valuation of around 200 million euros for Manifattura Valcismon, more than 10 times its 2017 core earnings.
Investment bank Alantra and legal firm NTCM advised Manifattura Valcismon. Banca Akros, Mediobanca and legal firm LMS advised Equinox.
(Reporting by Francesca Landini; editing by David Evans)