Amer Sports and PV3 Investments have agreed on a transaction in which Amer Sports divests ENVE Composites to PV3.
“ENVE has gone through major changes in the past years. The brand has positive momentum, and we see that it has good potential. However, after a thorough strategic evaluation, we have concluded that the next phase of development should happen under new ownership. We believe PV3 is the most suitable owner for ENVE to realize and drive its next growth phase,” says Michael Hauge Sørensen, Amer Sports Chief Operating Officer.
PV3 is a Utah-based private investment firm lead by Mark Hancock, an experienced and successful entrepreneur and cycling enthusiast. ENVE’s brand, products, services, business relations, leadership, and employee statuses will remain unchanged following the transaction.
“We have confidence in the direction that ENVE’s management team are taking the company, and we want to continue building the brand’s legacy as a performance leader and U.S. manufacturer, while providing the necessary support for continued growth,” says Mark Hancock.
ENVE Composites was founded in 2007 and is one of a small number of U.S. cycling brands to have American manufacturing. The Utah-based company’s dedication to performance products and in-house manufacturing has allowed it to be an innovation leader in wheels, components, and bicycles, while partnering with many of the best athletes in the world.
“This is an opportunity to take ENVE to the next level through a Utah-based buyer that believes in the products, the people, and our future. ENVE is uniquely positioned thanks to the Amer Sports ownership over the past eight years that provided stability and opportunities to expand into new product categories,” concludes ENVE’s General Manager Mike Stimola.
Closing is expected to take place in the next few weeks and the parties have agreed not to disclose the transaction details. Robert W. Baird served as investment advisor to Amer Sports for the transaction.
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