Houlihan Lokey Advises 3T Cycling S.r.l.

Houlihan Lokey is pleased to announce that 3T Cycling S.r.l. (3T), an Italian high-end gravel bike manufacturer, has been acquired by UTurn Investments S.r.l. (UTurn), an Italian family office. The transaction closed on 11 November 2022.

Founded in Turin in 1961 as a bike components manufacturer, 3T has always been renowned for the quality, simplicity, and beauty of its products. In 2007, René Wiertz decided to acquire the company and relaunch the 3T brand by developing new products and working with carbon components. In 2015, renowned engineer and entrepreneur Gerard Vroomen (co-founder of bike brands Cervélo and OPEN) joined the project led by Mr. Wiertz, beginning an evolution process towards a high-end complete gravel bike manufacturer.

Today, 3T, based in Presezzo, Bergamo, is a global gravel bike company with three regional offices (Italy, Taiwan, California), 20+ service centres, ~40 employees, and a global distribution network spread out over 60 countries around the world. This year, the company forecasted to generate ~€20 million of revenue and ~€5 million of EBITDA, establishing itself as a leading player in the gravel bike segment—and thanks to a series of highly innovative application solutions.

UTurn is an Italian family office founded by Luca Mongodi, Gianpiero Peron, and Alberto Nicoli, offering investment solutions and financial and strategic advisory to high-net-worth individuals and families. Based in Verona, UTurn operates mainly through club deals with a strong focus on small and medium Italian enterprises.

Houlihan Lokey served as the exclusive financial advisor to 3T and its shareholders. This transaction demonstrates Houlihan Lokey’s strength in the bike sector as well as the benefits of deep local relationships, coupled with industry expertise.