Just about the time the other shoe dropped with Dainese taking over TCX distribution comes word that parent company Investcorp, a leading global manager of alternative investment products, has sold Dainese SpA to global investment firm Carlyle (NASDAQ: CG) for an enterprise value of more than $690 million. Taking a step back, Investcorp acquired Dainese in January 2015 from its founder Lino Dainese a bit over a year ago. Dainese got the boot brand TCX to complete its head-to-toe protective gear portfolio.
Under Investcorp, Dainese more than doubled its sales to over $275 million and increased EBITDA at a double-digit rate each year. During Investcorp’s ownership, Dainese evolved from an Italian product-focused business into the global standard for dynamic sport protection. “Six years ago when we invested in Dainese, the founder Lino Dainese said he wanted a partner that shares his passion and ambition for his company,” explains Hazem Ben-Gacem, Co-Chief Executive Officer at Investcorp. “It’s satisfying to know that Investcorp has been that partner to Dainese, and under our leadership we facilitated EBITDA growth of more than five times and created a business well positioned for continued success.”
Nicola Ferraris, Managing Director at Investcorp’s European Private Equity group, added: “In 2015 we saw the opportunity to transform a strong brand and a product-led organization into a global platform, by professionalizing the business, driving organic international expansion and carrying out add-on acquisitions. It was an immense pleasure working with the Dainese leadership and we wish Cristiano and his team continued success in their next phase of growth.”
“Investcorp has been a true partner to us over the last seven years supporting the transformation of Dainese which is now in great shape for further international expansion,” concludes Cristiano Silei, CEO of Dainese.
