ENVE Composites Acquired by Utah-Based mostly PV3 Investments from Amer Sports activities

It’s been a tumultuous few weeks within the biking trade recently. First it was the information of Kona organising at Sea Otter, then instantly tearing down resulting in information that the model was on the market. That was adopted by information that Levels Biking laid off all their workers and their executives joined Big. On the similar time, it was introduced that Rapha was closing their Bentonville workplace.

Now, we get large information from ENVE Composites, although from the surface, it looks like excellent news. The model introduced immediately that they’re in means of being acquired by PV3 Investments, which is the household holding firm of biking fanatic, Mark Hancock. The phrases of the deal between PV3 and Amer Sports activities is not going to be launched, however the transfer returns possession of the model to the U.S. after eight years. Try the total press launch under:

From ENVE:

ENVE Composites Acquired by Utah-Based mostly PV3 Investments

April thirtieth, 2024 Ogden, Utah – Amer Sports activities, mum or dad firm to ENVE Composites, has introduced that ENVE has been acquired by PV3, a Utah-based personal funding agency whose homeowners are avid cyclists and have been conversant in the model for a few years. 

Amer Sports activities’ Chief Working Officer Michael Hauge Sørensen mentioned, “ENVE has gone by main modifications prior to now years. The model has optimistic momentum, and we see that it has good potential. Nonetheless, after an intensive strategic analysis, we now have concluded that the subsequent section of improvement ought to occur beneath new possession. We imagine PV3 is probably the most appropriate proprietor for ENVE to appreciate and drive its subsequent development section.”

ENVE Composites was based in 2007 and is one in every of a small variety of U.S. biking manufacturers to have American manufacturing. The corporate’s dedication to efficiency merchandise and in home manufacturing has allowed it to be an innovation chief in wheels, parts, and bicycles, whereas partnering with most of the greatest athletes on the planet.

In 2016, ENVE moved into its Ogden, Utah based mostly headquarters. The 80,000 sq. foot constructing homes engineering, R&D, manufacturing, gross sales, advertising, customer support, and finance capabilities that present employment alternatives to the area people. PV3 is devoted to sustaining ENVE’s heritage as a Utah-based producer and chief in composites know-how.

“Now we have confidence within the path ENVE’s administration group are taking the corporate and we need to proceed constructing the model’s legacy as a efficiency chief and U.S. producer, whereas offering the required assist for continued development,” mentioned Mark Hancock, Principal of PV3.

ENVE’s Basic Supervisor Mike Stimola said, “This is a chance to take ENVE to the subsequent stage by native Utah possession. Whereas the present bicycle market is difficult, ENVE is rising based mostly on our product innovation {and professional} group partnerships.”

Mike Stimola was introduced on by Amer Sports activities in January 2023 and can proceed in his present position. With the acquisition full, ENVE’s operations will proceed as regular.

Closing is predicted to happen within the subsequent few weeks and the events have agreed to not disclose the transaction particulars.

Situated in Ogden, Utah, ENVE Composites is a producer of handmade carbon fiber bicycle frames, rims, and parts. Partnering with the world’s greatest athletes, ENVE combines one of the best composite applied sciences with actual world athlete suggestions to supply our prospects with the final word in efficiency, sturdiness, and high quality. ENVE designs and manufactures 100% of their rims and the Customized Street Bike of their Ogden, Utah, USA facility.

About Amer Sports activities

Amer Sports activities is a worldwide group of iconic sports activities and outside manufacturers, together with Arc’teryx, Salomon, Wilson, Peak Efficiency, and Atomic. Our manufacturers are identified for his or her detailed craftsmanship, unwavering authenticity, and premium market positioning. As creators of outstanding attire, footwear, and gear, we delight ourselves on cutting-edge innovation, efficiency, and designs that enable elite athletes and on a regular basis customers to carry out their greatest.

With over 11,400 staff globally, Amer Sports activities’ goal is to raise the world by sport. Our imaginative and prescient is to be the worldwide chief in premium sports activities and outside manufacturers. With company workplaces in Helsinki, Munich, Kraków, New York, and Shanghai, we now have operations in 40+ nations and our merchandise are bought in 100+ nations. Amer Sports activities, Inc. shares are listed on the New York Inventory Change. For extra data, go to www.amersports.com.

About PV3

PV3 is the household holding firm of Mark Hancock, an skilled and profitable entrepreneur and biking fanatic.