(Finance) – Three Zeta Groupa point of reference in the production of luxury shoe soles for over 50 years, announces theacquisition of 100% of Walking World, company specialized in the production of fusbett (from the German “foot bed”) and fillers for soles in polyurethane foam and film, with which the Group further strengthens its control of the value chain of the shoe structure and the offer of products, materials and customer services.
Founded in 1990 in the Marche region in Porto Recanati, by Antonio Giampaoli and Sonia Mangialardo, Walking World is today one of the main companies specializing in the production of sneaker components. Walking World grew between 2020 and 2022 at a CAGR of 40%, maintaining an EBITDA margin above the market average. Furthermore, in recent years the Company has consistently launched an innovation investment plan aimed at optimizing the production process. In particular, the company has entered into a strategic partnership for the construction of a new plant for the production of polyurethane soles with film, patented and unique on the market, which guarantees greater efficiency and reduction of waste.
There industrial rationale for the integration of Walking Word into Tre Zeta is based precisely on these elements which – explains the company in a note – bring within the Group a new technology and a production approach consistent with its commitment to defining the highest and new standards of customer service, in parallel with use of the most advanced technologies developed to improve performance in terms of product, timing and sustainability, best responding to market needs. The operation is part of Tre Zeta’s plan aimed at build the reference group in the production of components for the structure of footwear for the global luxury industry through organic growth and external lines. In particular, the acquisition, in addition to the aforementioned greater control of the shoe structure supply chain, integrating the processing of a strategic material for sneakers such as polyurethane foam and film, also expands its territorial presence with the entry into the Marche region , which host a historic footwear district with the headquarters of major Made in Italy luxury brands and an ecosystem of high-value producers. The area joins Tuscany, where the Group has its headquarters, and Veneto, where a second important industrial plant is under development.
The industrial plan which the Group is rapidly implementing started at the end of 2021 with lawKoinos Capital’s entry into Tre Zeta – Independent Private Equity SGR which stands out for its entrepreneurial approach with investments aimed at transforming small Italian industry excellences into international leaders – and today, just over two years later, it has generated important results. The Walking World acquisition is the fourth since Koinos Capital joined in 2021and follows that of Solettificio Do.Gi. (specialized in the production of insoles for women’s formal footwear); of Stil Stampi (excellence in the production of aluminum molds for soles) and of Magonio sole factory (primary reality in soles for the formal world).
The ultimate goal of the plan is complete control of the sneaker and formal sole supply chain, through the integration of new processes (innovative and sustainable), materials and products. By pooling know-how, commercial and production capacity – with a strong focus on technological innovation and attention to sustainability – and management expertise to guarantee the quality of a wide range of components while further reducing response times, Tre Zeta Group presents itself towards customers as a single integrated interlocutor. A strategy that already in 2022 has led the Group to exceed 76 million euros in revenues pro forma and to consolidate the robust growth trend in 2023.
“With the entry of Walking World into Tre Zeta we are increasingly positioning ourselves as a reference group in the sneaker and formal footwear sector. Thanks to investments in innovation and the far-sighted vision of entrepreneurs, Walking World represents a further accelerator for our growth , opening further important synergies for a complete offer like only a “one stop shop” interlocutor can have. I am pleased to welcome Antonio Giampaoli and Sonia Mangialardo and their entire team to Tre Zeta” comments Fabrizio Mecheri, CEO of Tre Zeta Group.
“We are happy to have encountered on our path a company like Tre Zeta, with which – he underlines Antonio Giampaoli, CEO of Walking World – we share vision and passion. We are sure that in the Group we will find support for important technical-industrial development, thanks to solid know-how and innovation-oriented skills. We strongly believe that thanks to the integration of our products and the synergies that we will create, we will be able to grow significantly by opening up to new markets, expressing our full potential.”
“This new operation, the fourth since our entry into Tre Zeta, – he states Marco Morgese, Founding Partner of Koinos Capital – is particularly important because on the one hand it continues to execute the industrial plan and, on the other, it gives us the possibility of continuing the path of territorial expansion, also entering the Marche footwear district. It is a step that gives us even greater strength to continue the path of industrial aggregation of other excellences in the sector that will embrace our project and confirms the management’s ability to interpret our expansion philosophy”.