Enve, a well-established wheel, componentry, and latterly bike model specialising in high-end composite merchandise has introduced as we speak that it has been acquired by Utah-based non-public fairness agency PV3. The acquisition follows the model’s transfer to a brand new headquarters in Ogden, Utah, in 2016.
PV3 is headed up by Mark Hancock, himself a biking fanatic, and is on report as being dedicated to sustaining the Enve model heritage. Enve itself, based in 2007, is an outlier in composite manufacturing insofar as nearly all of its merchandise are manufactured domestically within the USA.
Of the acquisition, Hancock mentioned, “Now we have confidence within the route Enve’s administration staff are taking the corporate and we need to proceed constructing the model’s legacy as a efficiency chief and U.S. producer whereas offering the required help for continued development”.
The divestment of Enve from its unique guardian firm, Amer Sports activities, an umbrella below which Wilson, Arc’teryx, and Salomon sit amongst a number of others, comes in opposition to a backdrop of serious business headwinds within the biking sector. These have seen layoffs from giant, well-established manufacturers from the likes of Specialised, Zwift, Wahoo, and not too long ago, Rapha.
“ENVE has gone by main modifications prior to now years. The model has constructive momentum, and we see that it has good potential,” defined Amer Sports activities’ Chief Working Officer, Michael Hauge Sorensen. “Nevertheless, after a radical strategic analysis, we’ve concluded that the subsequent section of growth ought to occur below new possession. We consider PV3 is essentially the most appropriate proprietor for ENVE to comprehend and drive its subsequent development section.”
Mike Stimola, Basic Supervisor at Enve says of the transfer that, “This is a chance to take Enve to the subsequent stage by native Utah possession. Whereas the present bicycle market is difficult, Enve is rising primarily based on our product innovation {and professional} staff partnerships.”
A cursory search on PV3 doesn’t reveal a lot. The agency is a “household holding firm of Mark Hancock, an skilled and profitable entrepreneur and biking fanatic”, however it seems to be the agency’s first foray into the world of biking from a enterprise standpoint.
Particulars of the transaction haven’t been disclosed by the manufacturers, however it’s anticipated to be accomplished inside “the subsequent few weeks.”
