Progressio buys ATK Sports

The founding Indulti family will retain a minority stake in the business and continue to hold key operational roles. Following the deal, Davide Indulti will be appointed as CEO.

Banco BPM provided a debt package to support the acquisition.

This is the eighth deal made by the GP via its Progressio Investimenti III fund, after Save The Duck (backed in March 2018); Gampack (January 2019); Gelit (May 2019); Damiano (July 2019); Polenghi (July 2019); Interni (October 2019); and Assist Digital (December 2020).

The fund held a final close on its €250m hard-cap in July 2019 and is currently around 68% deployed.

With Progressio's support, the company intends to consolidate its market position across Europe and boost its expansion in the US, while also looking for possible add-on opportunities to complement its offering in the ski equipment segment.

Company
Based in Fiorano Modenese, ATK specialises in the production of bindings, spare parts and accessories for skis.

It sells its products under both its own brand (ATK Bindings) and other third parties' brands.

ATK generated a 50% EBITDA margin from revenues of €9m in 2020, of which approximately 85% came from abroad.

People
Progressio – Filippo Gaggini (CEO); Nino Mascellaro (senior partner); Mauro Ballabio (portfolio strategy & operations partner); Simone Assanelli (associate).
ATK Sports – Giovanni Indulti, Guerrina Amorotti (founders); Davide Indulti (CEO).

Advisers
Equity – Molinari e Associati (legal); Spada Partners (tax); PwC (financial due diligence); EY (ESG due diligence).
Company – Banca Akros (corporate finance); Studio Legale Salardi (legal); Studio Spaggiari & Pivetti (tax).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Progressio SGR
• Italy
• PwC
• EY (Ernst & Young)