MGM, led by the Chief Executive Officer Marco Foglia, announced theacquisition of the Rekord Srl Group., the leading European manufacturer of high-end technical, sports and outdoor shoes.
The new Group, born from the merger of the brands, aims to become the main European production center in the segment of technical outdoor footwear.
La Foglio/Congiu family will retain the majority stake.
The new group expects to close the 2022 financial year with a pro-forma aggregate turnover of approximately 90 million euros, with strong growth compared to 2021.
THEacquisition of MGM was achieved through a capital increase carried out by the Foglio/Congiu family jointly with Hourglass Capital Credit and co-investors SIP, Smart Capital and Brixia Finanziaria, and the issue of a bond loan subscribed by Clessidra Capital Credit, Banca Ifis, Anthilia Capital Partners and the regional finance company Veneto Sviluppo.
Bank Profile acted as financial advisor to the transaction.
MGM: cutting-edge know-how at the service of the Rekord production reality
“We are enthusiastic about this operation, with which we want to bring the avant-garde know-how of four generations of footwear entrepreneurship to the service of the production reality Record with a proactive and avant-garde approach. Our main objective is to strengthen the service offered by the production reality to current customers but also to represent a profitable opportunity for growth and optimization of developments and production for new potential business partners who want to rely on our Group. We therefore aim at building profitable partnerships, based on reliability and high quality and specialization standards” commented Mark Sheet, CEO of MGM Group.
Rekord: financial and technological enhancement to meet the ever-increasing demand for services
Alcide Giacometti, founder and president of Record “With this operation, the company has chosen the path of financial and technological strengthening to meet the ever-increasing demand for services and to give scope to new projects and the expansion of the clientele. Our choice is based on the desire to give coherence and continuity to the work done over the years, relying on solid and credible partners, dedicated to the growth and consolidation of the acquired leadership. Personally, I will also be at the forefront of the group's activities in the coming years. This commitment has the aim of satisfying our desire for continuity and that of the investors who believed in the value of Rekord and who today have chosen to infuse it with new life, putting themselves at the service of a market with inestimable growth potential”.
