Amer Sports, which owns Mavic and other outdoors brands, has just announced their acquisition of ENVE Composites for $50 million in cash.
The official statement (copied after the break) says the deal expands Amer Sports’ operational scale, which seems interesting considering ENVE’s comparatively small manufacturing facility in Ogden, Utah. The statement also claims ENVE’s annual sales to be around $30 million, which is a rare peek into the size of the until-now privately held company.
Most recently, ENVE has unveiled ultralight full carbon hubs and tubular cyclocross rims, as well as recalling some road forks. We’ll see ENVE at NAHBS this weekend and get a little more on the story and, rumor has it, see a new product or two on various bikes…
Press Release from Amer Sports: To accelerate its Cycling business, Amer Sports Corporation has acquired ENVE Composites LLC, based in Utah, USA. ENVE is a fast-growing brand in high-end carbon wheels, components, and accessories for road and mountain biking with annual sales of approximately USD 30 million. The acquisition accelerates Amer Sports Cycling business especially in the United States and provides further expansion opportunities internationally. ENVE brings capabilities in carbon technology, and it offers operational scale and synergy benefits complementing Amer Sports’ cycling category.
The acquisition price is USD 50 million in an all-cash transaction. The acquisition will have no material impact on Amer Sports’ 2016 financial results, and it will be accretive to Amer Sports EBIT margin as of 2017. The closing of the acquisition is expected in the first quarter of 2016.
Amer Sports is a sporting goods company with internationally recognized brands including Salomon, Wilson, Atomic, Arc’teryx, Mavic, Suunto and Precor. The company’s technically advanced sports equipment, footwear and apparel improve performance and increase the enjoyment of sports and outdoor activities. The Group’s business is balanced by its broad portfolio of sports and products and a presence in all major markets. Amer Sports shares are listed on the Nasdaq Helsinki stock exchange (AMEAS).
Press Release from Enve:
ENVE Joins the Amer Sports Family
February 22, 2016 – Ogden, Utah, USA – ENVE is pleased to announce that ENVE is joining the Amer Sports family. Amer Sports is a sporting goods company with internationally recognized brands including Salomon, Wilson, Atomic, Arc’teryx, Mavic, Suunto and Precor. The company’s innovative and technically advanced sports equipment, footwear and apparel improve performance and increase the enjoyment of sports and outdoor activities. ENVE will remain in Ogden and continue with their plans to move into a new operations and manufacturing facility this fall. ENVE’s Senior Management Team, including CEO Sarah Lehman, will remain at ENVE. ENVE will complement the Mavic brand and enable ENVE to grow internationally, as part of the Amer Cycling portfolio.
ENVE CEO, Sarah Lehman:
“After owning the business for over ten years and growing the company to the strong brand that exists today, the ENVE owners felt that Amer Sports would be good stewards of the brand and a great home for our employees,”
ENVE Composites is a manufacturer of handmade carbon fiber bicycle rims and components. Partnering with the prominent frame builders of our time and 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 in their Ogden, Utah, USA facility.