L Catterton reported selling its majority stake in Cicli Pinarello, the Italian manufacturer of road bikes, accessories and apparel, which it acquired in December 2016, to a “private family office.” The company did not disclose the terms of the transaction.
Fausto Pinarello retains an interest in the company and will remain as chairman. He will also continue his involvement in the company’s production and R&D departments to shepherd the business through its next wave of innovation and growth.
Together with L Catterton, Pinarello executed numerous organizational and growth initiatives that grew and strengthened the brand.
“With L Catterton’s global platform and their expertise in fitness, outdoor and luxury, Pinarello has grown its status as an elite performance brand at the apex of the cycling industry,” said Pinarello. “Over the past seven years with L Catterton’s partnership and capabilities, we have built on our best-in-class R&D capabilities, bolstered by collaborations with the industry’s top riders and organizations, creating a product set that remains consistently at the forefront of innovation.
“We have also achieved record revenues and are now poised for our next era of growth. I am very excited to continue the momentum that we have achieved, and this transaction will allow us to further elevate our company as the international leader in the high-end bike sector through ever-increasing investments in R&D focused on making industry-changing innovations around materials and products.”
Matt Nugent, a partner in L Catterton’s Growth Fund, commented, “Since partnering with Pinarello, we have leveraged our extensive expertise in the health & wellness and sporting categories to build on Pinarello’s Italian racing heritage and expand its reach to riders around the world. The company’s exceptional growth was enabled by an extremely talented and committed management team, and we are very proud of the success they have achieved. We are confident that the company will continue this success in its next chapter as it continues to design industry-leading products for both its current and new market segments.”
“We are honored to have had the opportunity to support Pinarello,” said Luigi Feola, a managing partner at L Catterton Europe. “With L Catterton’s global platform and extensive resources across both its Growth and European Funds, Pinarello was able to accelerate its multi-pronged growth strategy, resulting in significant scale and profitability. As Pinarello continues to meet outsized demand and drive increased capacity and efficiency, we have tremendous confidence in its ability to continue to build upon its reputation as one of the greatest cycling brands in the world.”
Houlihan Lokey acted as a financial advisor, and Advant Nctm provided legal counsel to L Catterton and Pinarello. Electa Italia and GE Lux acted as structuring advisers.
Photo courtesy Pinarello
