Enve, a well-established wheel, component and most recently bicycle brand specializing in high-end composite products, announced today that it has been acquired by Utah-based private equity firm PV3. The acquisition follows the brand's move to new headquarters in Ogden, Utah, in 2016.
PV3 is led by Mark Hancock, a cycling enthusiast himself, and is recorded as being committed to maintaining the heritage of the Enve brand. His Enve, founded in 2007, is itself an anomaly in the composites manufacturing industry in that the majority of its products are manufactured in the United States.
Commenting on the acquisition, Mr. Hancock said, “We are confident that Enve's management team is confident in the company's direction and will continue to build on the brand's heritage as a performance leader and American manufacturer while providing the support needed for continued growth.” We want to continue building.”
Enve's sale from its former parent company Amer Sports, which also includes Wilson, Arc'teryx and Salomon, comes against a backdrop of significant industry headwinds in the cycling sector. Layoffs have also been occurring at major, established brands such as Specialized, Zwift, Wahoo and, most recently, Rapha.
“ENVE has undergone significant changes over the past few years,” said Michael Hauge-Sørensen, Chief Operating Officer of Amer Sports. “There is positive momentum in the brand and we believe it has good potential. “However, after a thorough strategic assessment, we have concluded that the next stage of development should take place under a new structure.” Owned. We believe that PV3 is the perfect owner to enable and drive his next phase of growth for ENVE. ”
Enve General Manager Mike Stimola said of the move, “This is an opportunity to take Enve to the next level through local Utah ownership. The current bicycle market is challenging, but Enve is committed to product innovation and a team of professionals. We are growing based on partnerships.” . ”
A quick search of PV3 doesn't yield much information. From a business perspective, this will be the company's first foray into the cycling world, although the company is “a family holding company of Mark Hancock, an experienced and successful entrepreneur and bicycle enthusiast.”
Details of the deal were not disclosed by the brands, but it is expected to close in the “coming weeks.”
