Lotto Sport Italia has acquired Etonic Worldwide.
The acquisition allows Lotto to significantly strengthen its US market position by bringing an important and well-known brand within its portfolio. Etonics management re-launched its golf brand in 2004 and entered the bowling market in 2005. Terms of the sale were not disclosed.
Lotto Sport Italia's president Andrea Tomat will also become president of Etonic. Important synergies are expected in distribution as Lotto will capitalize on its sales network to bring the Etonic brand and products into Europe. In addition, Lottos products will be marketed and distributed in the US by the operations set up at Etonic.
“The range of Etonic products is wholly complementary to that of Lotto's without any overlap” stated Andrea Tomat, President of Lotto Sport Italia SpA. “I'm certain we will generate important synergies between the innovative solutions introduced by Lotto in its chosen markets and those developed by Etonic, which has always enjoyed the reputation of being an R&D leader. ”
“I am particularly satisfied with this acquisition” continued Tomat. “We can count on a top-class management team, which succeeded in relaunching the brand in a short time span and which I am certain will take Etonic to the highest level.”
“Having reached our current stage of growth” said Tom Seeman, CEO of Etonic “it was essential for Etonic to find a leading industrial partner able to support our growth process in the US and offer us the possibility of gaining fast access to new markets”.