Bahrain-based asset manager Investcorp has sold its holding in Dainese Group to US private equity firm Carlyle Group for US$687 million.Italy-based Dainese manufactures protective gear for the motorcycle industry and distributes products to 100 countries.
Investcorp acquired Dainese in 2015 from its founder Lino Dainese. During this time, the company doubled its sales to $277 million.
“Under our leadership we facilitated EBITDA growth of more than five times and created a business well positioned for continued success,” stated Investcorp co-CEO Hazem Ben-Gacem.
He also added that Investcorp would continue to invest in Italian businesses. Since 2012, Investcorp has invested more than $1.6 billion in European businesses, a number of which have been sold for profit including two Italian brands Gucci and Riva.
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