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- Dainese
Dainese Acquisition, Valuation, Funding & Investors
Dainese was acquired by Carlyle Group for $680M in March 2022, a 2.5x multiple on $270M of revenue.
Dainese revenue at acquisition
$270M
Last twelve months · Mar 2022
Dainese revenue multiple at acquisition
2.5x
EV/Revenue · Mar 2022
Cumulative funding Dainese raised
$16M
across 1 funding round
About Dainese
Dainese Group is an Italy-headquartered manufacturer of protective equipment and apparel for motorcycling, skiing, and other dynamic sports. The company pioneered the back protector and the first motorcycle wearable airbag system in partnership with world champions. Based in Colceresa near Vicenza since 1972, Dainese exports globally with a focus on patented safety innovations.
Founded
1972
HQ
Website
Status
Acquired
Customer focus
B2C
Revenue model
Product sales
Revenue
$270M (Mar 2022)
Valuation
$725M (Dec 2024)
Dainese Acquisition
Dainese was acquired by Carlyle Group for $680M on 11 March 2022.
The acquisition price implies a 2.5x revenue multiple on $270M of revenue.
Before the acquisition Dainese had raised $16M across 1 funding round.
Dainese SpA is a leader in protective equipment and technical gear for motorcycling and dynamic sports, founded in 1972 and distributing products across more than 100 countries in EMEA, APAC, and the Americas. Investcorp, which acquired Dainese in January 2015 from founder Lino Dainese, agreed to sell the company to Carlyle for an enterprise value of €630 million on March 11, 2022. Under Investcorp's ownership, Dainese more than doubled sales to €250 million and grew EBITDA at a double-digit compounded annual rate, transforming from an Italian product-focused business into a global standard for dynamic sport protection. The transaction was subject to antitrust approval and customary closing conditions, with Cristiano Silei remaining as CEO. Carlyle was advised by Latham & Watkins, DVR Capital, and Bank of America, while Investcorp was advised by Lazard and Dainese by Jefferies. Carlyle financed the buyout with €285 million from HPS Investment Partners and Arcmont Asset Management via a privately placed credit arrangement, though subsequent financial underperformance led to challenges including deferred interest payments and a lender takeover process.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 11 Mar 2022 | PE buyout | $680M | 2.5x |
Dainese Valuation
Dainese is currently valued at $725M, based on its undisclosed-stage round in December 2024.
The $16M round was led by Carlyle Group.
Dainese valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Dec 2024 | Undisclosed stage | $725M |
Dainese Funding History
Dainese has raised a total of $16M across 1 funding round.
Dainese funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2024 | Undisclosed stage | Carlyle Group (lead) | $16M | $725M | Dainese, an Italian manufacturer of motorcycle apparel including the AGV helmet brand and TCX boots, was acquired by The Carlyle Group from Investcorp for €630 million. The deal values the company at €630 million, including its present debt figures. Carlyle, the world's second-largest private equity firm with $276 billion in assets under management, plans to expand Dainese's distribution in the United States and China and potentially add more brands. Under Investcorp's ownership since 2014, when it purchased 80% of Dainese for €130 million, sales more than doubled to €250 million annually. Investcorp also facilitated EBITDA growth of more than five times during its tenure. |
Who has invested in Dainese?
1 investor has backed Dainese across its funding rounds, including Carlyle Group.
Lead investors include Carlyle Group.
Dainese Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Start Free TrialAcquisitions by Dainese
Dainese has acquired 1 company to date.
Last acquisition by Dainese was on October 6th 2020. Dainese acquired TCX Boots for $16M.
Latest Acquisitions by Dainese
| Description | TCX Boots is an Italian manufacturer of motorcycle footwear for road racing, off-road, touring, and urban riding. Headquartered in Montebelluna, the company produces boots with composite fiber protections, waterproof membranes, and anti-twist ankle systems certified to EN standards. Established in 1999, TCX supplies professional riders in MotoGP and supplies retailers across Europe, North America, and Asia. |
| HQ Country | |
| HQ City | Udine |
| Deal Date | 6 Oct 2020 |
| Valuation | $16M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Dainese acquisitions and their M&A valuation multiples. Start Free Trial | |
Dainese Competitors
Dainese competitors include listed companies like Toread Holdings Group and Canada Goose, and private ones like 100 Thieves, Agilitas, Gymshark and Wildcraft India.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $460M | - | ||
| Private | - | - | $400M | - | ||
| Private | $343M | - | $1.3B | 3.9x | ||
| Publicly listed | $206M | $14M | $1.5B | 5.4x | ||
| Private | - | - | $155M | - | ||
| Publicly listed | $1.1B | $158M | $731M | 1.1x |
Dainese Public Comps
Dainese is no longer listed, but its public comps include Canada Goose, Shua Fitness, Dometic Group, Movado Group, Guararapes, Winnebago Industries, Redtape, Raymond, Safari Indus (India) and Synsam.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.1B | $158M | 1.1x | 1.1x | 7.5x | 5.6x | |||
| $234M | $26M | 3.1x | 2.8x | 27.9x | 21.1x | |||
| $2.1B | $298M | 0.9x | 0.9x | 6.1x | 6.0x | |||
| $671M | $44M | 0.9x | 0.9x | 13.6x | 11.6x | |||
| $2B | $600M | 0.6x | 0.6x | 2.0x | 3.2x | |||
| $2.8B | $117M | 0.4x | 0.4x | 10.1x | 9.3x | |||
| $252M | $50M | 3.0x | - | 15.1x | - | |||
| $221M | $8M | 3.4x | 2.8x | 91.0x | 22.1x | |||
This data is available for Pro users. Sign up to see all Dainese competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Dainese
| When was Dainese founded? | Dainese was founded in 1972. |
| Where is Dainese headquartered? | Dainese is headquartered in Trento, Italy. |
| Is Dainese publicly listed? | No, Dainese was acquired by Carlyle Group in March 2022. |
| Who acquired Dainese? | Dainese was acquired by Carlyle Group in March 2022. |
| How much was Dainese acquired for? | Dainese was acquired for $680M in March 2022, a 2.5x revenue multiple. |
| What is Dainese's valuation? | Dainese was last valued at $725M in its undisclosed-stage round in December 2024. |
| How much funding has Dainese raised? | Dainese has raised $16M across 1 funding round. |
| What was Dainese's last funding round? | Dainese's last funding round was a $16M undisclosed-stage round in December 2024, led by Carlyle Group. |
| Who are Dainese's investors? | Dainese's investors include Carlyle Group. |
| Which companies are comparable to Dainese? | Companies comparable to Dainese include 100 Thieves, Agilitas, Gymshark, Toread Holdings Group, Wildcraft India and Canada Goose. |
| How many companies has Dainese acquired? | Dainese has acquired 1 company, including TCX Boots. |
| What was the largest acquisition by Dainese? | The $16M acquisition of TCX Boots in October 2020 is the largest acquisition Dainese has made to date. |
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