The Venetian Cytech group, a true global reference point for the production of cycling shorts pads and glove palms, especially with the proprietary brand Elastic Interface, Elastic Interface has acquired a majority stake in Pasasport, a Verona-based company also active in the production of gloves and accessories for third-party manufacturers. A sustainable, high-tech company, Elastic Interface has often changed the way we think about cycling apparel thanks to its innovations: from the invention of the first elastic chamois for cycling shorts, to the introduction of the revolutionary EIT Palm technology, which allows for the creation of gloves with a three-dimensional, elastic, and seamless palm, to the N3X pad. the first seat pad made with 3D printed padding and presented in July at the Eurobike in Frankfurt.
Cytech works with the world's leading premium cycling apparel brands, delivering innovative, proprietary, and cutting-edge solutions. In fact, more than 90% of the company's turnover is generated on foreign markets, with products sold in over 40 countries. In 2021, the private equity firm PM & Partners SGR acquired a majority stake in Cytech, sparking an ambitious development plan that also includes an external growth strategy. The first milestone in this direction was achieved with the acquisition of Pasasport.
A common vision
"I am very pleased that Pasasport is joining the Cytech Group (said Massimo Fregonese, CEO of Cytech, ed.). This is not only because of the added value this acquisition represents, but also because of the cultural and business affinity that unites the two companies. With Federica Pasato and Alberto Santinello there was an immediate positive feeling regarding the strategic vision and the opportunity in integrating the two companies.The acquisition of Pasasport consolidates and enhances our market leadership, allowing us to offer our customers diversified and higher value-added services and products. The business model, commercial and product development synergies, and complementary technological know-how will accelerate Elastic Interface's expansion into new markets. diversifying the product offering in the cycling sector and other sports, in addition to strengthening its international presence with production units in the main continents."
"I firmly believe," retorted Federica Pasato, Chair of the Pasasport Board of Directors, "that the collaboration with the Cytech group represents an excellent opportunity to transform our solid family business into a consolidated player on the international market. The experience gained in these fifty years of the company can thus be further enhanced and integrated into a new hub. Certainly more structured and characterized by excellence and professionalism.
The details of the operation
Corus Corporate Finance acted as financial advisor to Cytech and PM & Partners in the acquisition of a majority stake in Pasasport. Gattai Minoli Partners assisted Cytech and PM & Partners in the legal aspects. The team consisted of Giovan Battista Santangelo, Enrico Silvestri, and Livia Zaccheo for corporate M&A matters. The rest were led by Gianluca Coggiola, Davide Stracquadanio, and Francesco Maria Simonetta.
The sellers were advised on financial and tax matters by Belluzzo International Partners. The Pasato family was assisted on legal matters by SLCLEX Commercial Law Firm, with a team led by Chiara Gandini and Luca Bisconti. Cytech and PM & Partners were also assisted for the accounting and tax due diligence by Deloitte and for the business/operations part by Gianesin, Canepari and Partners.
The transaction was financed by Cassa Centrale Banca-Credito Cooperativo Italiano, assisted by Sherman & Sterling with a team led by Pasquale Bifulco. Studio Milano Notai assisted the parties with all notarial aspects.
