A name in motorcycle racing history returns to Italy. On July 30, CEO of the eponymous Vicenza-based leader in the production of dynamic sportswear and safety gear Lino Dainese placed his signature to a very important agreement for the sports international market. Dainese S.p.a. is now purchasing AGV S.p.a., the legendary Italian name in the design and construction of motorcycle helmets for both sports competition and amateur use. The new purchase provides enormous satisfaction and brings the ownership of the helmet producer sold to the Belgian Imag Group in 2002 back into Italian hands.
The operation assumes strategic importance for Dainese and substantially increases its share of the international helmet market. The entry of AGV in the Group also opens the door to significant synergy at the level of R & D, production and distribution. Dainese S.p.A. closes 2006 with consolidated revenues for 112 million Euros, up 9% over the previous year, and a gross trading profit of 10.5 million Euros for a 31% increase compared to 2005. By the end of 2007, AGV will reach total sales of 32 million Euros with a gross operating margin of around 10%. With the acquisition of AGV, the outlook for 2008 is rosy with a projected Group growth of over 150 million Euro consolidated income. The operation unites two renowned Italian companies that have always played starring roles in the sport’s development.
CEO Lino Dainese adds:“AGV and Gino Amisano, who founded the company in 1947, offered me important roles to follow. We continued to grow along parallel lines in the context of both innovation and the sport’s most important racers, from Agostini to Valentino Rossi, and we now intend to enhance the recently purchased company’s image and value even further”.
Current AGV Managing Director Moreno Businaro will maintain his position at the helm with the same powers and responsibilities.
Company advisors will be Cristiano Cerchiai of the Padova-based LCA studio and Lawyer Giacomo Sartor of Gianni, Origoni, Grippo & Partners, with timely co-ordination by Dainese S.p.A. Managing Director Franco Scanagatta and his own team of internal collaborators. The operation’s principal financial partner will initially be Banca Popolare di Vicenza, and Venetobanca and Unicredit Banca d’Impresa in the second phase.
“Providing people with head-to-toe protection in dynamic sports” has been the corporate mission since it was founded in 1972 by its current CEO Lino Dainese, in this way making Dainese itself a company in continuous movement.
www.dainese.com
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