Italian manufacturer of arm pads and inserts for cycling clothing, Cytech, reported it acquired a majority of shares in Pasaport, a manufacturer of gloves and accessories.
Massimo Fregonese, CEO of Cytech, said, “I am very pleased that Pasasport has joined Cytech Elastic Interface Group because, in addition to the added value created by this acquisition, our two companies share a cultural and business affinity. When we met with Federica Pasato and Alberto Santinello, we immediately felt positive about the strategic vision and the opportunity to combine the two companies. The acquisition of Pasasport strengthens and underlines the value of our market leadership; this allows us to offer our customers a wider range of services and products with greater added value. The business model, commercial synergies and product development, as well as additional technological know-how, all allow us to accelerate the expansion of Elastic Interface into new markets and diversify our product offering in the cycling sector and other sports, as well as strengthen our international presence with plant production in key continents. PM&Partners played a fundamental role in this project, providing significant strategic, operational and financial support that made possible the next important chapter in the Cytech-Elastic Interface story.”
Corus Corporate Finance assisted Cytech and PM & Partners as financial advisors for the acquisition of a majority stake in Pasasport. A purchase price was not released.