Amer Sports activities, the guardian firm of Enve Composites, introduced at present that the Enve model has been acquired by PV3, a Utah-based personal funding agency allegedly owned by avid cyclists. Closing is anticipated to happen within the subsequent few weeks and the events have agreed to not disclose the transaction particulars.
“Enve has gone by way of main adjustments prior to now years. The model has constructive momentum, and we see that it has good potential,” stated Amer Sports activities’ Chief Working Officer Michael Hauge Sørensen.Â
By this, Sørensen refers to Enve’s continued model evolution from aftermarket carbon wheel and part specialists to a full-service bicycle model. Enve has launched 4 bike fashions in simply 4 years and now affords an entire line of drop bar choices with a customized bike made in Utah and a street racing, gravel and endurance bike mannequin being made abroad.Â
And along with its part sponsorship {of professional} biking groups UAE Workforce Emirates and Workforce Polti Kometa, Enve additionally stepped as much as change into Workforce TotalEnergies’ gear sponsor for 2024. Because of this, the Melee street racing bike and Enve’s assortment of wheels and cockpits are actually being ridden on biking’s largest stage.Â
“Whereas the present bicycle market is difficult, ENVE is rising primarily based on our product innovation {and professional} group partnerships,” confirmed Enve’s Normal Supervisor Mike Stimola said.
With this speedy progress, Amer Sports activities determined the model is higher off in new palms.Â
“After a radical strategic analysis, we’ve concluded that the following part of improvement ought to occur beneath new possession. We consider PV3 is probably the most appropriate proprietor for ENVE to appreciate and drive its subsequent progress part,” Sørensen said.
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Like Enve, the brand new homeowners are primarily based in Utah and are “devoted to sustaining ENVE’s heritage as a Utah-based producer and chief in composites know-how.”
“We’ve got confidence within the path ENVE’s administration group 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 required assist for continued progress,” stated Mark Hancock, Principal of PV3.Â
ENVE’s operations are stated to proceed as regular with the acquisition full.Â
Enve Composites was based in 2007 and is one of some U.S. biking manufacturers to fabricate most of its merchandise on American soil. Amer Sports activities acquired Enve Composites in 2016 for $50 million, including it to its portfolio of out of doors manufacturers. That very same 12 months, Enve moved into its Ogden, Utah headquarters, which homes the model’s engineering, R&D, manufacturing, gross sales, advertising, customer support, and finance operations.
Amer bought its different biking investments, Mavic and Suunto, in 2019 however nonetheless owns notable out of doors manufacturers like Arc’teryx, Atomic, Wilson Sporting Items, Armada, Louisville Slugger, DeMarini, Sports activities Tracker and Luxilon.
