CyTech Group announces new shareholder PM & Partners SGR
CyTech Group, parent company of the leader brand Elastic Interface®, announces that PM&Partners SGR private equity fund enters as majority shareholder. To ensure full continuity with the past, founders Marino De Marchi and Stefano Coccia will remain as minority stakeholders. The company aims at great future goals.
CyTech s.r.l. and private equity managers at PM & Partners SGR announced today that the Italian private equity fund PM&P III has entered as majority shareholder in the CyTech Group, the world leader in the production of cycling pads: in 2020 the company sold more than 3.2 million pads, and today production widens to cycling gloves as well. The recent launch of the revolutionary Palm technology by Elastic Interface®, the first three-dimensional and seamless palm for cycling gloves, has further expanded the company’s product portfolio and customer base.
Founders Marino De Marchi e Stefano Coccia will remain inside the company with minority stakes, ensuring an important continuity with the past. Marino De Marchi, CEO of the company, declares: “Cycling is todays’ sport and all over the world people rediscovered the pleasure of biking. The acquisition project was created with the aim of further developing our company. Thanks to the entrance of this prestigious private equity management, the “engine” capacity of the CyTech Group will reach the next level.”
Stefano Coccia, co-founder, adds: “Together with PM & Partners and the new CEO – who will be joining us shortly – we will take CyTech towards new, important goals, whilst ensuring continuity with our style, our values and our past. We’ll keep doing – with a new boost – what’s the real core for us: innovation through new patented technologies and intense R&D activity.”
The CyTech Group is a multinational company with offices and plants located in Italy, Croatia and Mexico. Its products are sold in over 40 countries around the world, under three different labels: Elastic Interface®, the brand of reference for the chamois market, 100% Made in Italy in the Treviso plants; Berenis, which manufactures great products in Croatia at competitive prices and materials entirely Made in Europe; Bikepad, which makes competitively priced, USMCA friendly products that are proudly 100% Made in Mexico.
A feather in the hat of the Italian industrial matrix, CyTech has always paid particular attention to the issue of sustainability, with sustainable production policies and processes and the use of certified and eco-compatible fabrics. In addition to the ISO 9001 certification, the Elastic Interface® brand was also ISO 14001 certified, becoming the first ever cycling pad manufacturer that is certified for its environmental management system.
A thorough and ambitious development plan has been set up and PM & Partners will assist CyTech through this path whilst strengthening the organization staff, with the entry of a new CEO (who has extensive experience in the cycling sector) and the acquisition – in the future – of complementary companies in Italy and abroad.