It’s been a turbulent few weeks in the bicycle industry lately. First came the news that Kona was founded in Sea Otter, but then it was quickly demolished, leading to news that the brand was up for sale. This was followed by news that Stages Cycling had laid off its entire staff and executives had joined Giant. At the same time, it was announced that Rapha would be closing its Bentonville office.
Well, we have some big news from ENVE Composites, and from the outside looking in, it looks like good news. The brand announced today that it is in the process of being acquired by PV3 Investments, the family holding company of cycling enthusiast Mark Hancock. Terms of PV3’s deal with Amer Sports were not made public, but the move marks the return of ownership of the brand to the United States for the first time in eight years. See the full press release below.
From Envy:
ENVE Composites acquired by Utah-based PV3 Investments
Ogden, Utah, April 30, 2024 – Amer Sports, the parent company of ENVE Composites, announced that ENVE has been acquired by PV3, a Utah private investment firm that is an avid cyclist and has been familiar with the brand for many years. did.
Michael Hauge Sorensen, Chief Operating Officer of Amer Sports, said: We believe the brand has positive momentum and good potential. However, after a thorough strategic assessment, we have concluded that the next stage of development should take place under new ownership. We believe that PV3 is the perfect owner to enable and drive his next phase of growth for ENVE. ”
Founded in 2007, ENVE Composites is one of the few American cycling brands that manufactures in America. The company’s dedication to high-performance products and in-house manufacturing has enabled it to become an innovation leader in wheels, components and bicycles, while partnering with many of the world’s best athletes.
In 2016, ENVE moved to its headquarters in Ogden, Utah. The 80,000 square foot building houses engineering, research and development, manufacturing, sales, marketing, customer service and finance functions, providing employment opportunities for the local community. PV3 is dedicated to maintaining his ENVE legacy as a Utah-based manufacturer and leader in composites technology.
“We are confident in the direction ENVE’s management team is taking the company, and we look forward to continuing to build on the brand’s legacy as a performance leader and American manufacturer while providing the support necessary for continued growth.” PV3 President Mark Hancock said.
ENVE General Manager Mike Stimola said: “This is an opportunity to take his ENVE to the next level through local Utah ownership.The current bike market is tough, but ENVE is growing based on product innovation and the partnership of a professional team. .”
Mike Stimola will be invited to join Amer Sports in January 2023 and continue in his current role. With the acquisition complete, ENVE’s operations will continue as usual.
Closing is expected to occur in the coming weeks, and both parties have agreed not to disclose transaction details.
ENVE Composites, located in Ogden, Utah, is a manufacturer of handcrafted carbon fiber bicycle frames, rims, and components. ENVE partners with the world’s best athletes and combines the best composite technology with feedback from real-world athletes to provide our customers with the ultimate in performance, durability and quality. ENVE designs and manufactures 100% of his rims and custom road bikes at his facility in Ogden, Utah, USA.
About Amer Sports
Amer Sports is a global group of iconic sports and outdoor brands including Arc’teryx, Salomon, Wilson, Peak Performance and Atomic. Our brands are known for their precision craftsmanship, unwavering reliability, and premium market position. As creators of superior apparel, footwear and equipment, we pride ourselves on cutting-edge innovation, performance and design that enable elite athletes and everyday consumers to perform at their best.
With over 11,400 employees worldwide, Amer Sports’ purpose is to improve the world through sport. Our vision is to become the world leader in premium sports and outdoor brands. With headquarters in Helsinki, Munich, Krakow, New York and Shanghai, we operate in over 40 countries and our products are sold in over 100 countries. Amer Sports, Inc.’s stock is listed on the New York Stock Exchange. For more information, please visit www.amersports.com.
About PV3
PV3 is the family holding company of Mark Hancock, an experienced and successful entrepreneur and cycling enthusiast.
