It’s been a tumultuous few weeks within the biking business recently. First it was the information of Kona organising 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 workers and their executives joined Large. On the similar 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 as if excellent news. The model introduced as we speak that they’re in technique 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. Take a look at the total press launch beneath:
From ENVE:
ENVE Composites Acquired by Utah-Primarily based 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 conversant in the model for a few years.
Amer Sports activities’ Chief Working Officer Michael Hauge Sørensen mentioned, “ENVE has gone by way of main adjustments previously years. The model has constructive momentum, and we see that it has good potential. Nevertheless, after a radical strategic analysis, we have now concluded that the following part of improvement ought to occur underneath new possession. We consider PV3 is essentially the most appropriate proprietor for ENVE to comprehend and drive its subsequent progress part.”
ENVE Composites was based in 2007 and is certainly 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, parts, and bicycles, whereas partnering with most of the greatest athletes on the planet.
In 2016, ENVE moved into its Ogden, Utah based mostly 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 local 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 course 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 mandatory assist for continued progress,” mentioned Mark Hancock, Principal of PV3.
ENVE’s Normal Supervisor Mike Stimola said, “This is a chance to take ENVE to the following degree by way of native Utah possession. Whereas the present bicycle market is difficult, ENVE is rising based mostly on our product innovation {and professional} staff 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.
Positioned in Ogden, Utah, ENVE Composites is a producer of handmade carbon fiber bicycle frames, rims, and parts. Partnering with the world’s greatest athletes, ENVE combines the perfect composite applied sciences with actual world athlete suggestions to offer our prospects with the final word in efficiency, sturdiness, and high quality. ENVE designs and manufactures 100% of their rims and the Customized Street 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 identified for his or her detailed craftsmanship, unwavering authenticity, and premium market positioning. As creators of outstanding attire, footwear, and gear, we pleasure ourselves on cutting-edge innovation, efficiency, and designs that enable elite athletes and on a regular basis customers to carry out their greatest.
With over 11,400 workers globally, Amer Sports activities’ function is to raise the world by way of sport. Our imaginative and prescient is to be the worldwide chief in premium sports activities and outside manufacturers. With company places of work in Helsinki, Munich, Kraków, New York, and Shanghai, we have now operations in 40+ nations and our merchandise are bought in 100+ nations. Amer Sports activities, Inc. shares are listed on the New York Inventory Trade. For extra info, go to www.amersports.com.
About PV3
PV3 is the household holding firm of Mark Hancock, an skilled and profitable entrepreneur and biking fanatic.
