The French private equity fund Siparex ETI has signed the contract for the acquisition of the majority stake in ATK Sports, the company based in Maranello (MO) that is a leader in the production of ski mountaineering bindings. The operation – as reported by Bebeez and Milano Finanza – foresees that Siparex will reach 65% of the capital.
Siparex ETI, taking over from the fund Progressio sgr, the largest shareholder since 2021, will support the international growth of the brand together with the Indulti family, who will continue to lead the operations (maintaining, according to Milano Finanza, a 35% stake) and will be supported by other financial investors, including BNP Paribas. According to a joint statement from the two funds and ATK, “The strategic plan includes an acceleration of international expansion, the development of the fast-growing segment of ‘hybrid’ bindings, and the launch of new high-value product lines in the outdoor sector. The strategy will combine organic growth and targeted acquisitions, with the aim of further expanding the scope of activities, also through the development of innovative components for cycling.”
ATK Sports, as reported by Bebeez, closed 2025 with almost 19 million euros in revenues, 6.3 million euros in ebitda (with forecasts close to 10 million in 2026) and a net liquidity of 8.2 million euros. ATK operates globally, with over 85% of revenues generated in international markets, thanks to a network of over 1,100 specialized retailers and more than 25 active distributors in over 30 countries. The investment in ATK (estimated at 80-100 million according to Milano Finanza, 70% in equity and the rest financed by a pool of banks including, in addition to BNP/BNL, Banco BPM and Banca Sella) represents the first significant milestone for the recently established Italian team of Siparex ETI, composed of Davide Vitrani and Guglielmo Cucchiara. The operation is part of the Siparex Group’s strategy to strengthen its pan-European presence, developing a lasting local presence in Italy and supporting Italian industrial entities in their growth and international development phase. The divestment of the stake in ATK represents the sixth exit for the Progressio Investimenti III fund and the third completed by the SGR team in the last 6 months.
Statements
Davide Indulti, CEO of ATK, stated: “With Siparex, we share the ambition to take ATK to the next level, leveraging greater resources, investment capacity, and a long-term industrial vision. This new chapter starts with a structured managerial team strongly focused on growth, ready to support an ambitious development plan. We are expanding our presence in the snow world and decisively accelerating in the bike segment thanks to a revolutionary braking system project. We will further strengthen ATK’s positioning as a reference in the development and production of high-tech critical equipment for the outdoor sports world, consolidating the company’s role as a center of excellence in research, engineering, and 100% Made in Italy mechanical manufacturing.”
Thibaud de Portzamparc, Partner, and Davide Vitrani, Director of Siparex ETI, commented: “ATK stands out for its technological excellence, strong innovation capabilities, and a fully integrated industrial model, elements that represent clear distinctive factors in a highly competitive market. The company has built a leadership position in its reference segments, supported by a strong brand, proprietary skills, and a proven ability to innovate over time. We are pleased to support Davide Indulti and his management team in this new development phase, supporting the acceleration of international growth and expansion in high-potential segments, respecting ATK’s industrial culture and entrepreneurial DNA. This investment represents a significant step in the development of our Italian platform.”
Nino Mascellaro, Senior Partner of Progressio, stated: “We are proud to have supported ATK in achieving important results, but above all of the solid growth path undertaken, constantly oriented towards a logic of long-term industrial development. Our investment strategy has found full expression in ATK, an excellence in the reference sector, a perfect combination of innovation and efficiency. A special thanks to CEO Davide Indulti, founders Giovanni Indulti and Guerrina Amorotti, and the management team that has distinguished itself for great professionalism, ever-increasing commitment, and overwhelming passion, elements that will continue to support the achievement of increasingly ambitious goals”.
