We did it again. After the world premiere relating to the birth of Birel ART, back in 2014,
today TKART unveils another sensational news, as an absolute preview for the kart sector.
After the publication of the news of the agreement on the website of "Il sole 24 ore", we have in fact come into possession (before its official transmission) of the press release signed by the OTK Kart Group which reveals the renewed corporate structure of the group. Here is the full text.
A club deal organized by QCapital and BIC Capital acquires 70% of the capital of the world leader in the production of racing go-karts
Roberto Robazzi confirmed as Chairman and Chief Executive Officer.
Many great champions of Formula 1 raced for the OTK Kart Group’s racing team, Tony Kart Racing Team
Milan 30th June 2022 - OTK Kart Group ("OTK") - an Italian company world leader in the production of racing go-karts with the prestigious Tony Kart brand - is preparing to embark on a path of consolidation and further expansion in the global market thanks to the contribution of a primary group of investors under the club deals organized by QCapital and BIC Capital.
The new investors will acquire a 70% stake in the Group and will support the Robazzi Family who, in addition to holding the remaining 30%, will remain at the helm of the company, thereby continuing to play a strategic role within the Group. Roberto Robazzi was confirmed in the role of Chairman and CEO and his daughter Erica Robazzi as the Marketing Director.
OTK Kart Group, which is based in Prevalle (Brescia), generates over 90% of its revenues outside of Italy and operates on a global scale thanks to three branches located in the United States, Japan and Singapore, as well as a network of over 130 distributors present in over 70 countries. On an industrial level, the Group produces every year about six thousand chassis and over two thousand Vortex branded engines.
The Group designs and manufactures all the karts’ components in its production plant of over 17,000 square meters located in the province of Brescia. A characteristic that distinguishes OTK Kart Group on the market has always been the fact that all processes - from design to development to production - are made in house and are 100% made in Italy. This allows to have maximum control over the entire supply chain and ensure the absolute excellence of the final product.
Racing karts are a thriving and rapidly growing business (USA, Australia and Northern Europe are the main markets), animated by the passion of customers-drivers, both professional and amateur, extremely involved in this sport and therefore willing to invest time and resources to improve the performance of their karts. The increasing interest that is being registered at a global level towards Formula 1 - and motor racing in general - further pushes the development trend of racing karts: almost all motor racing drivers and Formula 1 drivers have in fact started their career racing on karts.
OTK Kart Group also has a racing team in its portfolio, the Tony Kart Racing Team - winner of more than twenty world titles and official partner of the Ferrari Driver Academy. Several Formula 1 drivers - such as Michael and Mick Schumacher, Sebastian Vettel, Carlos Sainz and Jarno Trulli - have raced for Tony Kart. In addition, OTK Kart Group is also organizing the Rok Cup, an international single-branded championship that involves over 1,000 drivers worldwide, as well as the exclusive use of OTK’s engines.
With this deal, OTK Kart Group enters a new phase of its glorious history and thanks to the contribution of the new shareholders - led for QCapital by the President Stefano Miccinelli and the CEO Francesco Niutta and for BIC Capital by the Founder Nicola Volpi and the CEO Antonio Zaccheo - will be able to boost its growth by expanding in new markets and consolidating its presence in strategic geographies such as North America.
Furthermore, thanks to the contribution provided by the new shareholders, OTK Kart Group intends to strengthen its presence in new segments such as the production and commercialization of rental karts for amateur use, bringing all the expertise gained in the racing go-kart sector in the creation of a new product line that will mainly use electric engines.
The Group’s financials have shown continuous growth. In fact, 2021 closed with €35 million in revenues and €6 million in EBITDA. The strong positive trend is confirmed by the forecasts for 2022, which see expected revenues of over €40 million and an EBITDA of over €8 million. Over the next few years, thanks to a solid cash generation, the Robazzi Family and its new partners will jointly explore future investments and new projects to further strengthen the Group's leadership in the market.
Roberto Robazzi, Chairman of OTK Kart Group commented: "Today is a special day for our company which, thanks to the contribution of new partners, is entering a new exciting phase of its growth path. We look forward to working alongside such a prestigious group of professionals, with the aim to take on new challenges and to continue to build the future of OTK Kart Group for the benefit of employees, customers and enthusiasts in general".
Nicola Volpi of BIC Capital and Stefano Miccinelli of QCapital commented: "We are truly honored to be part of the OTK Kart Group family, an important excellence of the entrepreneurial fabric of our country which for decades has been the world leader in an interesting sector. Together we want to help shape a new page in its glorious history. The challenges of the future will see us engaged, alongside the Robazzi family, in a path of further growth for the company with the aim of expanding into new businesses and new international markets".
The Robazzi family was assisted by Paolo Favilla of KT Finance, while the transaction with the investors was organized by: EY for the financial and fiscal part, ADVANT Nctm and Virtax for the legal aspects, Essentia and Pedersoli Studio Legale for the financing, OC&C/Long Term Partners for the commercial part and ERM for the environmental part