Italian Sustainable Shoe Company ACBC Sells Majority Stake to Swiss Fund
Italian sustainable shoe brand and consultancy ACBC — known for its modular sneakers engineered with a zipper system that ties together the sole to several variants of the upper part — has found an investor.
The company said Thursday that it has sold a majority stake to Gyrus Capital, a European investment firm operating in the healthcare and sustainability sectors.
Financial details of the deal – expected to close in the second quarter of the year – were not disclosed.
ACBC cofounders Gio Giacobbe and Edoardo Iannuzzi will remain on board as minority investors and in their executive roles of chief executive officer and chief innovation officer, respectively.
A Circular Science Company and B Corp enterprise, since 2020 and 2021, respectively, ACBC had carved a three-pronged business model in the years since its founding in 2018.
In 2023, the most recent financial figures available, ACBC’s overall business generated sales of 15 million euros.
Sustainability consultancy operations for fashion brands represented about 50 percent of yearly sales, the Made in ACBC third-party manufacturing business amounted to 45 percent of revenues, while the remainder was generated by the owned shoe brand’s operations.
It is understood that the latter division is to be wound down, although the company did not elaborate further when asked about it.
Signaling an acceleration in its sustainability consultancy business, last year ACBC linked with RTG Consulting Group on a strategic partnership to set up operations in Asia, providing the clients of the Singapore-, Shanghai- and Paris-based firm with eco-leaning advisory.
“ACBC is a clear industry leader, combining visionary leadership, deep technical expertise, and a strong commitment to transformation,” said Raffaele Magliocca, principal at Gyrus Capital. “We are excited and proud to partner with such a driven and talented team, and we believe ACBC is uniquely positioned to shape the future of sustainable innovation and drive the circular transition across the fashion sector and beyond,” he offered.
Based in Geneva, Switzerland, Gyrus Capital invests in businesses with a strong sustainability commitment through transactions in the 50 million to 500 million range. ACBC marks the firm’s first investment in the fashion sector.
“This partnership with Gyrus Capital is a defining moment for ACBC,” said CEO Giacobbe. “We are proud to join forces with a firm that shares our values and long-term vision. Their international experience and focus on people, services, and sustainability will be key in scaling our impact and accelerating the shift towards more responsible and forward-thinking fashion and lifestyle industries,” he offered.
ACBC has evolved from a start-up relying on capital increases, including Kickstarter crowdfunding, to a self-sufficient business over the past four years.
“This new investment marks a pivotal milestone in ACBC’s development, empowering the company to accelerate its growth trajectory through a combination of organic expansion and targeted acquisitions. The focus remains on diversifying the service offering and expanding in new markets, driving continuous innovation, and reinforcing ACBC’s position as a global leader in sustainability,” the company said in a statement.