The Italian press has announced a merger between leading competition kart manufacturer OTK Kart Group and leading competition kart tyre manufacturer Vega. It is an investor-backed merger designed to create a global giant in the competition karting industry.
The karting competition sector is doing very well in the wake of the Covid-19 health crisis, particularly in Europe, the United States and Australia. With very positive financial results, annual growth is in double figures. It’s only natural that investors should be attracted to this healthy sector.
Founded in 1958 by Antonio Bosio, the Tony Kart chassis brand began its transition from craft to industry under new owner Robert Robazzi in 1984. OTK Kart Group, headquartered in Prevalle (Brescia), generates over 90% of its sales abroad and operates on a global scale thanks to its subsidiaries in the United States, Japan and Singapore, as well as a network of over 130 distributors in more than 70 countries, with sales expected to reach €45 million in 2022, up 20% on 2021. On the industrial front, the group produces around 6,000 chassis and more than 2,000 engines under the Vortex brand every year. In mid-2022, a group of leading investors organised as a club deal by QCapital and BIC Capital took a 70% stake in the company, with the Robazzi family continuing to play a strategic role in the group with the remaining 30%.
Founded in 1976 by Sergio Mantese, Vega currently manufactures over a million tyres a year, 85% of which are exported abroad, accounting for 40% of the global competition tyre market. Thanks to its cutting-edge automatic machinery and advanced research laboratory, the Saronno (Varese) company is renowned for its high-performance competition tyres. In 2022, the company has forecast sales of around €26 million, an increase of 21% compared with 2021.
Investors BIC Capital and QCapital will hold the majority of the new entity resulting from this merger, while the Robazzi (OTK Kart) and Mantese (Vega) families will have a minority stake.
Sources: askanews.it, corriere.it, borsaitaliana.it, tkart.it
Info Kartcom