Keyhaven sells TCX to Investcorp's Dainese

Alessia Argentieri
01 October 2020

Tweet
Facebook
LinkedIn
Google plus
Send to

Keyhaven Capital Partners has sold Italy-based TCX, a specialist in motorcycle footwear, to Investcorp-backed Dainese.

The sale ends a three-year holding period for Keyhaven, which carved out TCX from Aksia-backed Novation, a group specialising in footwear and clothing for outdoor sports.

Keyhaven is a private equity firm dedicated to European lower-mid-market companies and secondary deals. Since its foundation in 2003, the firm has deployed or advised on more than €2bn and made 56 secondary investments across Europe.

Under Keyhaven's ownership, TCX appointed a new CEO who overhauled business processes and its sales strategy. In addition, Keyhaven oversaw the rationalisation of the existing product portfolio and development of a new product line with an international helmets brand.

The GP also helped the company optimise its sourcing and manufacturing processes to reduce transportation of goods and scrap rates, improve corporate governance, monitor controls and enhance its ESG profile.

TCX will become part of the Dainese group, which designs clothing for dynamic sports such as motorcycle riding, skiing, mountain biking, horse riding and sailing. The group also owns protective helmet brand AGV.

Dainese was acquired by Investcorp for a total consideration of €130m in November 2014. The GP transferred six portfolio companies that it had bought on a deal-by-deal basis, including Dainese, into a new vehicle named Investcorp European Buyout Fund 2019 in January 2019.

Company
TCX designs and distributes boots, shoes and performance footwear for motorcycle riders. Its products are sold under its own brand and through its white label offering to partner brands.

Established in 1982, the company is headquartered in Montebelluna, Italy, with production in Romania, Cambodia and Indonesia.

TCX generated revenues of €20m in 2019, with EBITDA of around 11.5%, Unquote understands.

People
Keyhaven Capital Partners – Claus Stenbaek (managing partner).
Dainese – Cristiano Silei (CEO).

Advisers
Vendor – Fineurop Soditic (corporate finance).