Amer Sports has divested its ENVE Composites cycling product and bike manufacturer in a deal with a Utah investment firm. Boutique investment bank Crewe Capital announced the agreement in a press release on April 30 as it advised private investment firm PV3 Investments on the purchase.
Both headquartered in Utah, ENVE was seen as a natural fit for PV3, a private investment firm whose owners share a deep passion for cycling and are committed to supporting its continued growth.
Founded in 2007, ENVE is one of the few U.S. cycling brands to have all-American manufacturing and is dedicated to building high-tech cycling performance products in-house, including wheels, components and bikes.
“ENVE is uniquely positioned in the market, and we see PV3 as an excellent opportunity to take the company to the next level with a like-minded buyer who has confidence in our mission,” said ENVE CEO Mike Stimola. “We are thankful to Amer Sports for its support over the past eight years, enabling us to grow as a parts supplier to some of the world’s leading cyclists.”
Since 2016, ENVE has been operating out of its 80,000-square-foot headquarters in Ogden, UT, which includes its engineering, R&D, manufacturing, sales, marketing, customer service, and finance teams, providing employment for the community.
“As a Utah native and cyclist, I believe in ENVE and have confidence in the direction the management team is taking the company. We are dedicated to maintaining ENVE’s heritage as a local manufacturer and leader in composites technology while continuing the legacy and providing the necessary support for continued growth,” said Mark Hancock, a principal of PV3.
“It’s been rewarding to collaborate with a national brand like ENVE that’s based in our backyard, and we know that the company is in good hands with PV3,” said Mike Bennett, managing partner of Crewe Capital. “Under new ownership, ENVE will continue to be a staple of the Utah business community while building on and growing its storied, global legacy.”
ENVE’s brand, products, services, business relations, leadership, and employee statuses will remain unchanged following the transaction.
The deal’s closing is expected to take place in the next few weeks, and the parties have agreed not to disclose the transaction details.
Image courtesy ENVE
