Victory has welcomed the Italian fund, Wise Equity as a new shareholder and owner of the Vittoria Group.
The current Dutch owner of the Vittoria Group, including founder and president Rudie Campagne, bought the Italian company Vittoria Spa in 1990 when it was a small operation with less than 180 employees. At present, the Vittoria Group has 1,300 plus employees, produces more than seven million tires per year, and has an annual turnover of around € 60 million.
Campagne will retire in July, giving way to businessman Stijn Vriends who also entered Vittoria as a Wise Equity partner to take over the group’s leadership as president and CEO. Campagne will remain as a non-executive on the Vittoria Council for the next few years and will be the honorary chairman for life.
“My partner and I have always wanted to bring the brand back to Italy, the birthplace of cycling. Therefore, giving up control to Wise Equity is like completing a cycle, “Campagne said. And with that came the decision to move Vittoria’s headquarters to the heart of sports cycling in Bergamo, Italy, where the group recently built an € 7 million office, testing center and logistics warehouse.
Product strategy and research will be the main activity at the Bergamo HQ where scientific collaboration will be activated with the EU Graphene Flagship and compound and polymer research facilities. Collaboration with suppliers of sophisticated chemicals will also be enhanced. Dr Valerio De Molli, CEO and managing partner of the first Think Tank Italia ‘The European House Ambrosetti’, will join Vittoria as a board member to jointly develop an industry strategy for
promoting and stimulating the Italian biking industry with huge potential and creating a complete Italian professional racing team.
Vittoria’s production and development remains in Bangkok, Thailand, where Vittoria has two very modern 100,000 square meters manufacturing facilities, spread across five buildings, accommodating more than 1,000 employees. The plant operates at full capacity to meet the increasing demand. In January 2013, Vittoria expanded by investing € 13 million in its ‘Center of Excellence’ which has a rubber compound factory that operates “the world’s most innovative R&D and testing center dedicated to the bicycle industry”.
In the operation, shareholders of the Vittoria Group are currently being advised by Fieldfisher for legal matters, with their team composed by lawyers Alessandro Mulinacci (Partner), Niccolò Massimo Gruppi (Senior Advisor) and Marta Cubisino (Associate). For fiscal matters, Vittoria Group shareholders are currently being advised by Russo De Rosa Associati, with their team composed by partners Leo De Rosa and Andrea Bolletta.
Read the July edition of BikeBiz below:
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