Dubai: Investcorp has acquired Italian protective clothing maker Dainese for an enterprise value of €130 million (Dh597 million, $163 million), the alternative investment firm said in a statement on Wednesday.
The Bahrain-based investor has bought the company from founder Lino Dainese, which will keep a minority stake in the business he set up in 1972. The founder will continue to work with the company, as would the current management team, the statement said.
An enterprise value takes into account the value of the business plus the debt it carries, but excludes cash held by the company Dainese makes protective clothing and helmets for motorcyclists, as well as for winter sports and horse riding.
It is the second acquisition announced by Investcorp in the space of a week. On October 30 it said it had bought United States-based software and services firm PRO Unlimited with Bahraini sovereign fund Mumtalakat for around $300 million.
Investcorp’s president of Gulf business, Mohammad Al Shroogi, said in an interview last month the company was working on closing three transactions, one each in the US, Europe and Turkey.
