The new group is aiming at becoming the main European production pole in the high-end sneakers and outdoors segment. 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. [Sports Shoes Manufacturer MGM Buys Gruppo Rekord - WWD]
Mgm from Brescia announces the acquisition of the Rekord group, the leading European manufacturer of technical, sports and outdoor shoes. The operation is headed by the Foglio-Congiu family, active in the outdoor footwear market for four generations, founder of the historic Brixia shoe factory in 1911: in 1996 they took over the Mgm company, which today has its headquarters in Cavasagra di Vedelago, in the province of Treviso.
The new group that was born from the integration of Mgm and Rekord – of which the Foglio-Congiu family will hold the majority – aims to become the main European production center in the outdoor technical footwear segment, and expects to close 2022 with a turnover aggregate of around 90 million euros (strong growth compared to 2021).
The operation was carried out through a capital increase supported by Clessidra Capital Credit and the co-investors Sip, Smart Capital and Brixia Finanziaria, with the issue of a bond loan subscribed by Clessidra Capital Credit, Banca Ifis, Anthilia Capital Partners and the finance company Veneto Sviluppo.
