Vittoria reported that private equity investors Telemos Capital have signed a binding agreement to acquire a majority stake.
London-based Telemos will invest with Vittoria’s senior management team and Wise Equity to build on its performance tire business and global growth. Wise made an initial investment in 2020 led by group Chairman & CEO Stijn Vriends, who, together with its senior management team, will re-invest to drive Vittoria’s ‘The Ride Ahead’ strategy.
Philippe Jacobs, executive chairman, Telemos Capital, commented, “For over 60 years, Vittoria has been at the core of cycling performance with an unparalleled track record of wins across many disciplines of the sport. We feel privileged to be the new owners of such a storied brand and are excited about the prospects in front of us, as we join forces with the Vittoria team.”
Paolo Gambarini, founding partner, Wise Equity, said “Vittoria is the perfect example of how Wise Equity supports Italian companies and management teams to excel worldwide. In the last years, Vittoria achieved impressive growth and enlarged its global leadership in premium bicycle tires. This leadership will be reinforced by the recent investments in Vittoria Park, the Innovation Center and in the first carbon-neutral factory in the bicycle tire industry. We are very much looking forward to the continued collaboration, now strengthened with Telemos.”
The transaction is expected to close in early 2023.