UTurn Investments, an independent family firm founded by Gianpiero Peron, Luca Mongodi and Alberto Nicoli, has invested in 3T in order to support the growth of the Italian bike brand.
3T’s René Wiertz and Gérard Vroomen will remain shareholders and managers of the 3T business. Luca Mongodi of UTurn will also become involved in the operational and strategic management of the company.
3T is involved in the design, production and sales of high-end road, gravel and e-gravel bicycles, The brand, originally founded in 1961 with the production of bicycle components (handlebars, stems, seat posts, wheels and forks) has operations in Italy, Taiwan and North America.
3T reports turnover of €20 million with an EBITDA of €5 million, and since 2019 it has reportedly grown in its bike business by more than 300%.
A release from 3T added… ‘While in recent years the most important Italian bicycle brands have been acquired by foreign investors, UTurn ensures 3T remains solidly based in Italy. Together with entrepreneurs René Wiertz and Gérard Vroomen, who entered respectively in 2007 and 2015, UTurn aims to make it an even more prestigious brand globally.
‘This is the first step of the family office which has a clear long-term vision based on an entrepreneurial model and a concept of sustainable and generative finance. UTurn aims to establish a cluster of companies with high potential, making them grow in international markets as well.
‘3T’s new development path, in Italy and abroad, will unfold through the consolidation and further development of its distribution and expanded industrial infrastructure. The investment will allow 3T to ramp up its Italian production of strategic and innovative products such as the distinctive carbon frames ‘RaceMax Italia’, which 3T has already been producing in Presezzo for a few years.
‘Over the years, the company has conquered an important slice of the market in the high- potential niche of gravel bicycles, also perfecting important co-branding collaborations with renowned brands such as BMW. The use of innovative concepts and cutting edge engineering, introduced by head of design Gérard Vroomen, co-founder and designer of Cervélo, and by René Wiertz, managing director of the company, have made it a highly recognizable product.’
The co-founders of UTurn Investments said “This first acquisition of ours fully corresponds with the objectives and philosophy of UTurn Investments. 3T represents what we are looking for, a company that embodies the values of Italian know-how, Made in Italy products and great opportunities to achieve its potential all over the world.
“We enter 3T with patient capital. We do not opportunistically chase returns on immediate investment, but we aim to support the company on a solid growth path in Italy and abroad.”
René Wiertz, founder and CEO of 3T, said “We are happy that after an intense process with many interested parties, we have struck deal with UTurn that will help continue 3T’s strong growth and keeps this iconic brand in Italian hands.
“UTurn shares our vision for 3T and with their capital and management support, we can continue the strong growth of our bike business, which has grown exponetionally since 2019. Also, we will be able to accelerate the factory plans.”
Gerard Vroomen, head of design of 3T, said “The past seven years have been incredible for 3T and we are looking forward to continuing our plans. UTurn joining 3T will really help 3T establish itself further as one of the top brands in the bike industry.”
