VERONA, Italy (BRAIN) — An Italian investment group, UTurn Investments, has made an investment in component and bike brand 3T. René Wiertz and Gérard Vroomen will remain shareholders and managers.
The company said it has sales of 20 million euros ($21.2 million) per year and an EBITA of 5 million euros.
This is the first transaction for UTurn, a "family office" firm that was founded in 2021 by Gianpiero Peron, Luca Mongodi and Alberto Nicoli. The company said the investment will fund international growth and expansion of 3T's Italian factory.
Mongodi will also become involved in the operational and strategic management of the company.
"While in recent years the most important Italian bicycle brands have been acquired by foreign investors, UTurn ensures 3T remains solidly based in Italy. Together (with) entrepreneurs René Wiertz and Gérard Vroomen, who entered respectively in 2007 and 2015, UTurn aims to make it an even more prestigious brand globally," UTurn said in a press release Tuesday.
UTurn said it aims to "establish a cluster of companies with high potential, making them grow in international markets as well."
"This first acquisition of ours fully corresponds with the objectives and philosophy of UTurn Investments," the firm said. "3T represents what we are looking for, a company that embodies the values of Italian know-how, Made in Italy products and great opportunities to achieve its potential all over the world. We enter 3T with patient capital, we do not opportunistically chase returns on immediate investment, but we aim to support the company on a solid growth path in Italy and abroad."
Wiertz, 3T's CEO, said, "We are happy that after an intense process with many interested parties, we have struck deal with UTurn that will help continue 3T's strong growth and keeps this iconic brand in Italian hands. UTurn shares our vision for 3T and with their capital and management support, we can continue the strong growth of our bike business, which has grown exponentially since 2019. Also, we will be able to accelerate the factory plans"
