PM & Partners backs Cytech

The GP bought the business from founders Stefano Coccia and Marino De Marchi, who will both reinvest in the deal and retain a minority stake.

This is the first deal inked by the firm via its third fund, PM & Partners III, which has a €300m target and invests in Italian companies with revenues of €30-120m.

The GP intends to support the company's growth by strengthening its leadership with the appointment of a new CEO, while boosting its expansion via additional acquisitions, both in Italy and internationally.

With PM & Partners' support, the company intends to expand its offering to different segments of the sport clothing market.

Company
Headquartered in San Vendemiano, near Treviso, Cytech specialises in the production of cycling clothes and accessories.

The company employs 86 staff across its sites located in Italy, Croatia and Mexico.

Cytech generated revenues of €20m in 2020, of which around 88% came from outside of Italy.

People
Cytech – Stefano Coccia, Marino De Marchi (founders).
PM & Partners – Andrea Mugnai (founding partner).

Advisers
Equity – Gattai Minoli Agostinelli & Partners (legal); Deloitte (financial due diligence).
Company – Gianni & Origoni (legal); Studio Epica Commercialisti Treviso (tax).

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