Keyhaven Capital Partners announces sale of TCX
TCX is the European leader in special purpose boots, shoes and safety/performance footwear for motorcycle riders sold under its own brand and through its white label offering to partner brands. Established in 1982, the company is headquartered in Montebelluna, Italy, with production in Romania, Cambodia and Indonesia.
Under Keyhaven’s ownership, the company appointed a highly experienced CEO who overhauled business processes and sales strategy. Keyhaven also oversaw the rationalisation of the existing product portfolio and development of a new product line with an established international helmets brand.
To support the business’s ESG profile, the company optimised its sourcing and manufacturing processes to reduce transportation of goods and scrap rates, as well as improved corporate governance and monitoring controls.
Commenting on the sale, Claus Stenbaek, Managing Partner at Keyhaven said: “Keyhaven’s partnership with the management team at TCX represents the successful execution of our strategy to take this niche industry leader to the next level of professionalisation. When we began working with the business in 2017, TCX already had a leading market position in Europe and strong brand reputation. By collaborating together to streamline the design process, distribution network and product line, we were able to improve on some of the fundamentals behind the world class product and secure an attractive future as part of the Dainese brand”.
Commenting on the transaction, Cristiano Silei, CEO of Dainese Group said:
“Improving safety in dynamic sports has always been the Dainese mission, committing to ongoing research into innovative systems that protect athletes from head to toe. We are extremely proud of this operation. TCX shares with Dainese the passion for product and adds technical and development skills that are fundamental in motorbike footwear. I would like to take this opportunity to welcome the TCX team and we look forward to working together with them”.
Fineurop Soditic acted as an exclusive financial advisor on this transaction.
About Keyhaven Capital
Keyhaven is a specialist secondaries private equity firm investing in European lower mid-market. With a diverse team, a network embedded in local markets and a flexible approach to deal making, Keyhaven works with niche industry leaders to accelerate growth, building robust, sustainable businesses that deliver for their investors, employees and local communities.
Since its foundation in 2003, Keyhaven has invested or advised on more than €2 billion, and made more than 58 secondary investments in Europe.
About Dainese Group
Founded in 1972 by Lino Dainese, the Dainese Group develops cutting-edge protective clothing for dynamic sports such as motorcycle riding, skiing, mountain biking, horse riding and sailing. True to its mission of protecting athletes from head to toe, in 2007 Dainese acquired the iconic AGV brand, founded in 1947 and famous across the world for its innovative racing helmets. Dainese and AGV products represent the technological frontier in terms of protection in dynamic sports, and are used by the world's best athletes, Valentino Rossi and Sofia Goggia among others.
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