Garmont International, based in Treviso, Italy, announced that Italian Strategy Private Equity (ISPE), managed by Riello Investimenti Partners Sgr Spa, has entered into the share capital of the company with a 65 percent stake in its shares.
Of the remaining 35 percent, Pierangelo Bressan, current president and CEO, holds 30 percent and will continue in his present role, and Terry Urio holds 5 percent and will also continue in his role as CFO.
Bressan said: “I started this adventure almost by chance, motivated by the objective of relaunching this prestigious Italian brand. After many years of commitment, I considered it best to sit down with people with whom there was an immediate agreement on the strategic guidelines that define a new path for the growth and consolidation of the Garmont brand, also internationally. I thank our new investors for their trust in confirming my role as president of the company.”
Nicola Riello, President of Riello Investimenti Partners Sgr, commented: “We are very satisfied with this operation. Garmont perfectly represents, both in terms of size and quality, the typical business case that exemplifies the best of Made in Italy. It operates on a market that is growing strongly, namely technical footwear and clothing for mountain sports, which is particularly appreciated abroad and therefore has the best growth potential. We will provide our support for the development of the Garmont brand respecting the continuity of the management and, as is our custom, in a logic of partnership.
ISPE is the third Private Equity fund managed by Riello Investimenti Partners SGR. The acquisition is expected to be finalized within the end of March 2021.
Photo courtesy Garmont