MILAN — Sneakers continue to be hot tickets, and Italian footwear manufacturer MGM, specializing in sports and technical shoes, on Wednesday said it inked an agreement to acquire Gruppo Rekord Srl, a producer of high-end sneakers and outdoors shoes.
For the deal, MGM was flanked by Clessidra Capital Credit SGR SpA, through the Clessidra Private Debt fund.
The new group, controlled by the Foglio and Congiu families and stemming from the integration of MGM and Rekord, is aiming to become the main European production pole in this segment and expects to close 2022 with aggregated pro-forma sales of around 90 million euros.
Financial details of the transaction were not disclosed.
Marco Foglio, CEO of MGM, which has been working with top international luxury brands, said the operation will allow the business “to strengthen production for current clients, but also represents an advantageous growth opportunity and fuels the optimization of production for new potential commercial partners,” leveraging high quality standards and reliability.
In 1999, MGM signed a worldwide license with Fila for the production and distribution of skates.
Founded in 1994 by Alcide Giacometti, Rekord counts around 700 employees and three production sties in Romania. Giacometti explained that the operation will help the financial and technological strengthening of the company “to respond to the increasingly growing request of top service and to fuel new projects and expand the clientele,” with existing “solid and credible partners.”
Mario Fera, CEO of Clessidra Capital Credit SGR, said that as a shareholder and investor, the fund supports “an [ambitious] industrial project” with “a sustainable and long-term vision.”
This story was reported by WWD and originally appeared on WWD.com.