Pinarello Sold

Italian bicycle brand Pinarello has been acquired by a “private family office” in a recent transaction announced by L Catterton, in turn, a global investment firm backed by luxury giant LVMH (Moet Hennessy Louis Vuitton). The sale value is unknown but is believed to exceed €90 million which was the purchase price that LVMH paid for Pinarello (2016). Team Ineos and others use Pinarello bikes.

Fausto Pinarello, the son of the company’s founder Giovanni Pinarello, remains as chairman and shareholder. In a press release, Fausto Pinarello expressed his enthusiasm about the acquisition, highlighting the growth of Pinarello as a leading performance brand in the cycling industry through collaborations with top riders and organizations, as well as the support of L Catterton’s global platform and expertise in fitness, outdoor, and luxury.

Under L Catterton’s partnership for the past seven years, Pinarello has strengthened its research and development capabilities and apparently also achieved record revenues. With this new chapter, Pinarello aims to further solidify its position as an international leader in the high-end bike sector by investing heavily in research and development, particularly focusing on revolutionary innovations in materials and products.

However, numerous questions remain unanswered. The term “family office” refers to a private investment and wealth management firm exclusively owned and directed by ultra-high-net-worth individuals or families. Unlike typical private equity firms, family offices do not seek external funding; instead, their capital comes solely from the individual or family’s wealth.

The identity of the mysterious family behind the Pinarello acquisition is yet to be revealed. Perhaps Ivan Glasenberg, a South African mine owner with a passion for cycling, who in June was involved in a €250 million deal linking Glasenberg to Pinarello (FT).

The cycling world eagerly awaits further details and developments regarding Pinarello’s exciting journey ahead regardless of the mystery behind who actually owns it.

via: escapecollective.com