For the legal matters, Pasasport was assisted by SLCLEX Studio Legale Commerciale – associated with Belluzzo International Partners – with a team led by senior associate Chiara Gandini and associate Luca Bisconti.
Pasasport, founded in the Veneto region in 1973 by the Pasato family, is specialized in the design and manufacture of clothing accessories (mainly gloves and shoe-covers) principally for sport (cycling as well as skiing, running & fitness). Pasasport has developed a high degree of know-how in the manufacture of gloves and shoe-covers and today the company has three plants in Italy, Tunisia and Romania.
Cytech is the global leader in the production of protections for sport apparel, mainly cycling pads and gloves. Cytech is located in the province of Treviso, with two additional plants in Mexico and Croatia, marketing the Elastic Interface, Berenis and Bikepad brands. In 2021 the majority stake was acquired by the private equity firm PM, which has been implementing an ambitious development plan, including a growth strategy by M&A.
Advisors of the transaction for Cytech and PM & Partners: Corus Corporate Finance acted as financial advisor in the acquisition of the majority stake in Pasasport. The Corus team includes Luca Maccagnani Castelli (managing partner), Giulia Guzzo (director) and Giuseppe Tinaglia (associate); Gattai Minoli Partners for the legal matters, with a team including Giovan Battista Santangelo (partner), Enrico Silvestri (counsel) and Livia Zaccheo (associate) for M&A matters, and Gianluca Coggiola (partner), Davide Stracquadanio (associate) and Francesco Maria Simonetta (associate) for banking matters.
Cytech and PM & Partners have been supported by Deloitte for the financial and tax due diligence and by Gianesin, Canepari and Partners for the business and operational matters.
The transaction has been financed by Cassa Centrale Banca – Credito Cooperativo Italiano, advised by Sherman & Sterling with a team led by Pasquale Bifulco (partner)
Studio Milano Notai supported both the parties for notary matters.