SAN VENDEMIANO, Italy (BRAIN) — PM&Partners SGR, an Italian private equity company, has become the majority shareholder in Cytech, the parent company of Elastic Interface and other cycling brands.
Cytech's founders, Marino De Marchi and Stefano Coccia, will remain in the company with minority stakes the company announced. PM&P said it will appoint a new CEO soon.
Cytech is headquartered in San Vendemiano, near Treviso and has offices and plants in Italy, Croatia and Mexico. Its products are sold in over 40 countries around the world, under three different labels: Elastic Interface, Berenis and Bikepad.
In 2020 the company sold more than 3.2 million pads. Elastic Interface also has recently expanded into offer cycling glove pads, used by brands including Giro. Cytech's total revenues are about 20 million euros ($23.5 million). The company employs over 100 people.
PM&Partners said it will support Cytech in an ambitious development plan and said "In the near future, management will be strengthened with the arrival of a new CEO with extensive experience in the cycling sector."
The transaction was financed by Cassa Centrale Banca - Credito Cooperativo Italiano, assisted by Clifford Chance.
