It’s been a tumultuous few weeks in the cycling industry lately. First it was the news of Kona setting up at Sea Otter, then immediately tearing down leading to news that the brand was for sale. That was followed by news that Stages Cycling laid off all their staff and their executives joined Giant. At the same time, it was announced that Rapha was closing their Bentonville office.
Now, we get big news from ENVE Composites, though from the outside, it seems like good news. The brand announced today that they are in process of being acquired by PV3 Investments, which is the family holding company of cycling enthusiast, Mark Hancock. The terms of the deal between PV3 and Amer Sports will not be released, but the move returns ownership of the brand to the U.S. after eight years. Check out the full press release below:
From ENVE:
ENVE Composites Acquired by Utah-Based PV3 Investments
April 30th, 2024 Ogden, Utah – Amer Sports, parent company to ENVE Composites, has announced that ENVE has been acquired by PV3, a Utah-based private investment firm whose owners are avid cyclists and have been familiar with the brand for many years.
Amer Sports’ Chief Operating Officer Michael Hauge Sørensen said, “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.”
ENVE Composites was founded in 2007 and is one of a small number of U.S. cycling brands to have American manufacturing. The 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.
In 2016, ENVE moved into its Ogden, Utah based headquarters. The 80,000 square foot building houses engineering, R&D, manufacturing, sales, marketing, customer service, and finance functions that provide employment opportunities to the local community. PV3 is dedicated to maintaining ENVE’s heritage as a Utah-based manufacturer and leader in composites technology.
“We have confidence in the direction 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,” said Mark Hancock, Principal of PV3.
ENVE’s General Manager Mike Stimola stated, “This is an opportunity to take ENVE to the next level through local Utah ownership. While the current bicycle market is challenging, ENVE is growing based on our product innovation and professional team partnerships.”
Mike Stimola was brought on by Amer Sports in January 2023 and will continue in his current role. With the acquisition complete, ENVE’s operations will continue as normal.
Closing is expected to take place in the next few weeks and the parties have agreed not to disclose the transaction details.
Located in Ogden, Utah, ENVE Composites is a manufacturer of handmade carbon fiber bicycle frames, rims, and components. Partnering with the world’s best athletes, ENVE combines the best composite technologies with real world athlete feedback to provide our customers with the ultimate in performance, durability, and quality. ENVE designs and manufactures 100% of their rims and the Custom Road Bike in their Ogden, Utah, USA facility.
About Amer Sports
Amer Sports is a global group of iconic sports and outdoor brands, including Arc’teryx, Salomon, Wilson, Peak Performance, and Atomic. Our brands are known for their detailed craftsmanship, unwavering authenticity, and premium market positioning. As creators of exceptional apparel, footwear, and equipment, we pride ourselves on cutting-edge innovation, performance, and designs that allow elite athletes and everyday consumers to perform their best.
With over 11,400 employees globally, Amer Sports’ purpose is to elevate the world through sport. Our vision is to be the global leader in premium sports and outdoor brands. With corporate offices in Helsinki, Munich, Kraków, New York, and Shanghai, we have operations in 40+ countries and our products are sold in 100+ countries. Amer Sports, Inc. shares are listed on the New York Stock Exchange. For more information, visit www.amersports.com.
About PV3
PV3 is the family holding company of Mark Hancock, an experienced and successful entrepreneur and cycling enthusiast.
