Garmont International SRL, an international manufacturer of performance footwear for mountaineering, hiking and other outdoor pursuits, as well as tactical footwear, has announced that Italian Strategy Private Equity (ISPE) managed by Riello Investimenti Partners Sgr Spa, will buy a 65 percent share of Garmont.
Of the remaining 35 percent, Pierangelo Bressan, current President and CEO, holds 30 percent and will continue in his present role; Terry Urio holds 5 percent, and he also will remain Garmont’s CFO.
With the news, Bressan stated in a prepared statement, “I started this adventure almost by chance, [in 2014] motivated by the objective of relaunching this prestigious Italian brand. After many years of commitment, I considered 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,” he added.
Riello Investment Partners President Nicola Riello said, “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,” Riello said.
ISPE is the third private equity fund Riello Investment Partners manages. The fund’s management team has extensive financial and business expertise, the key to the identification of the best business opportunities and projects in which to invest.
The acquisition is expected to be finalized near the end of March.