Bahrain-based Investcorp has agreed to sell Italian motorcycle clothing brand Dainese to global investment firm Carlyle in a deal worth 630 million euros ($691 million), the company confirmed on Friday.

The sale follows previous investments by Investcorp in other Italian brands, including Gucci and Riva.

The private equity firm has invested 1.6 billion euros in companies across Europe. In January 2015, it acquired Dainese from its founder, Lino Dainese. 

Since the acquisition, the Italian label has more than doubled its sales to 250 million euros.

Dainese also saw its EBITDA grow more than five times. The brand is now "in great shape for further international expansion", according to Cristiano Silei, the company's CEO.

(Reporting by Cleofe Maceda; editing by Seban Scaria)
cleofe.maceda@lseg.com