It’s been a tumultuous few weeks within the biking trade recently. First it was the information of Kona establishing at Sea Otter, then instantly tearing down resulting in information that the model was on the market. That was adopted by information that Phases Biking laid off all their employees and their executives joined Large. On the identical time, it was introduced that Rapha was closing their Bentonville workplace.
Now, we get large information from ENVE Composites, although from the skin, it looks like excellent news. The model introduced as we speak that they’re in means of being acquired by PV3 Investments, which is the household holding firm of biking fanatic, Mark Hancock. The phrases of the deal between PV3 and Amer Sports activities is not going to be launched, however the transfer returns possession of the model to the U.S. after eight years. Try the complete press launch beneath:
From ENVE:
ENVE Composites Acquired by Utah-Based mostly PV3 Investments
April thirtieth, 2024 Ogden, Utah – Amer Sports activities, guardian firm to ENVE Composites, has introduced that ENVE has been acquired by PV3, a Utah-based non-public funding agency whose house owners are avid cyclists and have been acquainted with the model for a few years.
Amer Sports activities’ Chief Working Officer Michael Hauge Sørensen stated, “ENVE has gone via main modifications up to now years. The model has optimistic momentum, and we see that it has good potential. Nevertheless, after an intensive strategic analysis, we now have concluded that the subsequent section of improvement ought to occur underneath new possession. We consider PV3 is probably the most appropriate proprietor for ENVE to appreciate and drive its subsequent development section.”
ENVE Composites was based in 2007 and is considered one of a small variety of U.S. biking manufacturers to have American manufacturing. The corporate’s dedication to efficiency merchandise and in home manufacturing has allowed it to be an innovation chief in wheels, elements, and bicycles, whereas partnering with lots of the greatest athletes on the earth.
In 2016, ENVE moved into its Ogden, Utah primarily based headquarters. The 80,000 sq. foot constructing homes engineering, R&D, manufacturing, gross sales, advertising, customer support, and finance capabilities that present employment alternatives to the area people. PV3 is devoted to sustaining ENVE’s heritage as a Utah-based producer and chief in composites expertise.
“Now we have confidence within the route ENVE’s administration workforce are taking the corporate and we wish to proceed constructing the model’s legacy as a efficiency chief and U.S. producer, whereas offering the mandatory assist for continued development,” stated Mark Hancock, Principal of PV3.
ENVE’s Common Supervisor Mike Stimola said, “This is a chance to take ENVE to the subsequent degree via native Utah possession. Whereas the present bicycle market is difficult, ENVE is rising primarily based on our product innovation {and professional} workforce partnerships.”
Mike Stimola was introduced on by Amer Sports activities in January 2023 and can proceed in his present position. With the acquisition full, ENVE’s operations will proceed as regular.
Closing is anticipated to happen within the subsequent few weeks and the events have agreed to not disclose the transaction particulars.
Situated in Ogden, Utah, ENVE Composites is a producer of handmade carbon fiber bicycle frames, rims, and elements. Partnering with the world’s greatest athletes, ENVE combines the perfect composite applied sciences with actual world athlete suggestions to offer our clients with the last word in efficiency, sturdiness, and high quality. ENVE designs and manufactures 100% of their rims and the Customized Highway Bike of their Ogden, Utah, USA facility.
About Amer Sports activities
Amer Sports activities is a world group of iconic sports activities and outside manufacturers, together with Arc’teryx, Salomon, Wilson, Peak Efficiency, and Atomic. Our manufacturers are recognized for his or her detailed craftsmanship, unwavering authenticity, and premium market positioning. As creators of remarkable attire, footwear, and gear, we pleasure ourselves on cutting-edge innovation, efficiency, and designs that permit elite athletes and on a regular basis shoppers to carry out their greatest.
With over 11,400 workers globally, Amer Sports activities’ function is to raise the world via sport. Our imaginative and prescient is to be the worldwide chief in premium sports activities and outside manufacturers. With company workplaces in Helsinki, Munich, Kraków, New York, and Shanghai, we now have operations in 40+ international locations and our merchandise are bought in 100+ international locations. Amer Sports activities, Inc. shares are listed on the New York Inventory Alternate. For extra data, go to www.amersports.com.
About PV3
PV3 is the household holding firm of Mark Hancock, an skilled and profitable entrepreneur and biking fanatic.
