ENVE Composites Acquired by Utah-Primarily based PV3 Investments from Amer Sports activities actions

It’s been a tumultuous few weeks throughout the biking commerce lately. First it was the knowledge of Kona establishing at Sea Otter, then immediately tearing down leading to info that the mannequin was in the marketplace. That was adopted by info that Phases Biking laid off all their staff and their executives joined Massive. On the similar time, it was launched that Rapha was closing their Bentonville office.

Now, we get giant info from ENVE Composites, though from the pores and skin, it appears like good news. The mannequin launched as we converse that they’re in technique of being acquired by PV3 Investments, which is the family holding agency of biking fanatic, Mark Hancock. The phrases of the deal between PV3 and Amer Sports activities actions just isn’t going to be launched, nevertheless the switch returns possession of the mannequin to the U.S. after eight years. Strive the whole press launch beneath:

From ENVE:

ENVE Composites Acquired by Utah-Primarily based PV3 Investments

April thirtieth, 2024 Ogden, Utah – Amer Sports activities actions, guardian agency to ENVE Composites, has launched that ENVE has been acquired by PV3, a Utah-based personal funding company whose householders are avid cyclists and have been acquainted with the mannequin for a couple of years. 

Amer Sports activities actions’ Chief Working Officer Michael Hauge Sørensen acknowledged, “ENVE has gone through primary modifications to this point years. The mannequin has optimistic momentum, and we see that it has good potential. However, after an intensive strategic evaluation, we now have concluded that the next part of enchancment should happen beneath new possession. We take into account PV3 might be essentially the most acceptable proprietor for ENVE to understand and drive its subsequent growth part.”

ENVE Composites was based mostly in 2007 and is taken into account one among a small number of U.S. biking producers to have American manufacturing. The company’s dedication to effectivity merchandise and in dwelling manufacturing has allowed it to be an innovation chief in wheels, parts, and bicycles, whereas partnering with plenty of the best athletes on the earth.

In 2016, ENVE moved into its Ogden, Utah based totally headquarters. The 80,000 sq. foot setting up houses engineering, R&D, manufacturing, product sales, promoting, buyer assist, and finance capabilities that current employment options to the world folks. PV3 is dedicated to sustaining ENVE’s heritage as a Utah-based producer and chief in composites experience.

“Now we have now confidence throughout the route ENVE’s administration workforce are taking the company and we want to proceed setting up the mannequin’s legacy as a effectivity chief and U.S. producer, whereas providing the necessary help for continued growth,” acknowledged Mark Hancock, Principal of PV3.

ENVE’s Frequent Supervisor Mike Stimola stated, “This can be a likelihood to take ENVE to the next diploma through native Utah possession. Whereas the current bicycle market is troublesome, ENVE is rising based totally on our product innovation {{and professional}} workforce partnerships.”

Mike Stimola was launched on by Amer Sports activities actions in January 2023 and might proceed in his current place. With the acquisition full, ENVE’s operations will proceed as common.

Closing is anticipated to occur throughout the subsequent few weeks and the occasions have agreed to not disclose the transaction particulars.

Located in Ogden, Utah, ENVE Composites is a producer of handmade carbon fiber bicycle frames, rims, and parts. Partnering with the world’s best athletes, ENVE combines the proper composite utilized sciences with precise world athlete strategies to supply our shoppers with the final phrase in effectivity, sturdiness, and top quality. ENVE designs and manufactures 100% of their rims and the Personalized Freeway Bike of their Ogden, Utah, USA facility.

About Amer Sports activities actions

Amer Sports activities actions is a world group of iconic sports activities actions and outdoors producers, along with Arc’teryx, Salomon, Wilson, Peak Effectivity, and Atomic. Our producers are acknowledged for his or her detailed craftsmanship, unwavering authenticity, and premium market positioning. As creators of outstanding apparel, footwear, and kit, we pleasure ourselves on cutting-edge innovation, effectivity, and designs that allow elite athletes and frequently customers to hold out their best.

With over 11,400 employees globally, Amer Sports activities actions’ perform is to lift the world through sport. Our imaginative and prescient is to be the worldwide chief in premium sports activities actions and outdoors producers. With firm workplaces in Helsinki, Munich, Kraków, New York, and Shanghai, we now have operations in 40+ worldwide places and our merchandise are purchased in 100+ worldwide places. Amer Sports activities actions, Inc. shares are listed on the New York Stock Alternate. For additional knowledge, go to www.amersports.com.

About PV3

PV3 is the family holding agency of Mark Hancock, an expert and worthwhile entrepreneur and biking fanatic.