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 acquisition price

$680M

Acquired by Carlyle Group · Mar 2022

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

Dainese Overview

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

ItalyTrento

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.

Dainese acquisition details
AcquirerDateTypePriceEV/Revenue
11 Mar 2022PE buyout$680M2.5x

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

Dainese valuation by funding round
DateStageValuation
Dec 2024Undisclosed stage$725M

Dainese Funding History

Dainese has raised a total of $16M across 1 funding round.

Dainese funding rounds

Dainese funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2024Undisclosed stageCarlyle Group (lead)$16M$725MDainese, 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

Investors in Dainese by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions 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

TCX Boots
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 CountryItaly
HQ City
Udine
Deal Date6 Oct 2020
Valuation$16M
EV/Revenue
EV/EBITDA

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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.

Public and private companies comparable to Dainese
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
100 ThievesUnited StatesUnited StatesPrivate--$460M-
AgilitasIndiaBangalorePrivate--$400M-
GymsharkUnited KingdomBirminghamPrivate$343M-$1.3B3.9x
Toread Holdings GroupChinaChinaPublicly listed$206M$14M$1.5B5.4x
Wildcraft IndiaIndiaBangalorePrivate--$155M-
Canada GooseCanadaCanadaPublicly listed$1.1B$158M$731M1.1x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Canada Goose$1.1B$158M1.1x1.1x7.5x5.6x
Shua Fitness$234M$26M3.1x2.8x27.9x21.1x
Dometic Group$2.1B$298M0.9x0.9x6.1x6.0x
Movado Group$671M$44M0.9x0.9x13.6x11.6x
Guararapes$2B$600M0.6x0.6x2.0x3.2x
Winnebago Industries$2.8B$117M0.4x0.4x10.1x9.3x
Redtape$252M$50M3.0x-15.1x-
Raymond$221M$8M3.4x2.8x91.0x22.1x

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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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