Cytech, owner of the Elastic Interface cycling shorts and gloves padding brand, has confirmed the acquisition of Pasasport, which was founded by the Pasato family in 1973.
Based in Villa Bartolomea, in the Italian province of Verona, Pasasport specialises in the design and manufacture of clothing accessories (primarily gloves and shoecovers) for third parties predominantly within the sports segment.
Pasasport operates in a variety of sectors, from cycling and running to skiing and sailing with three production plants in Italy, Tunisia and Romania.
Massimo Fregonese, Cytech CEO, said “I am very pleased that Pasasport has joined the Cytech – Elastic Interface Group because, in addition to the added value created by this acquisition, our two companies share a cultural and business affinity.
“When we met Pasasport’s Federica Pasato and Alberto Santinello, we immediately felt positive about the strategic vision and the opportunity to integrate the two companies. The acquisition of Pasasport strengthens and highlights the value of our market leadership. It enables us to offer our clients a wider range of services and products with greater added value.”
Pprivate equity firm PM&Partners SGR acquired a majority stake in Cytech in 2021 and has supported the business with its development plan and growth strategy.
Fregonese continued, “The business model, commercial and product development synergies, and complementary technological know-how all allows us to accelerate the expansion of Elastic Interface into new markets and diversify our product offering in the cycling sector and across other sports and to strengthen our international presence with production plants on key continents.
“PM&Partners has played a fundamental role in this project, providing the considerable strategic, operational and financial support that has made the next important chapter possible in the story of Cytech-Elastic Interface.”
Federica Pasato, Chair of the Pasasport Board of Directors, said “I firmly believe that this collaboration with the Cytech Group is a fantastic opportunity to transform our successful family-run business into a well-established company on the international market. The value of the experience we have gained over the past 50 years can now be taken to the next level and incorporated into a new, more structured hub to deliver excellence and professionalism.”
Alberto Santinello, Pasasport Chief Executive Officer and Designer, added “I am proud that Cytech – Elastic Interface has recognised and appreciated our know-how and our experience and decided to involve Pasasport in its expansion project. The global market pushes us to tackle new challenges, but our team has the creativity, Italian design talent, and ingenuity, for which we are renowned, to triumph every time.”
Corus Corporate Finance (Corus) assisted Cytech and PM&Partners as financial advisor for the acquisition of a majority stake in Pasasport. Legal support was provided by Gattai Minoli Partners, with Deloitte providing accounting and tax due diligence, and Gianesin, Canepari and Partners was on board for business/operations. Financial terms of the deal were not disclosed.
