ENVE under new ownership as investment firm PV3 take over

ENVE under new ownership as investment firm PV3 take over
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Amer has sold ENVE Composites to investment firm PV3, it confirmed on Tuesday, with closing of the sale expected in the next few weeks.

ENVE, an American brand known for its components and bikes, has been under Amer Sports’ stewardship since 2016, when it joined other sports brands including Mavic under its umbrella. The company also moved to new headquarters in Utah in the same year and PV3 is also based in the same state where it is headed by Mark Hancock, who has been described as ‘an avid cyclist and ENVE customer who has had interest in acquiring ENVE for a number of years’.

“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,” Hauge Sørensen, Amer Sports’ chief operating officer, said in a press release. “We believe PV3 is the most suitable owner for ENVE to realize and drive its next growth phase.”

These changes have seen ENVE significantly expand its offering in recent times. Founded in 2007, the company quickly built a reputation for its high-quality components, including its range of wheels. That has since expanded to frames and full bike builds, with the company now home to a number of different bikes, including the Mog and, most recently, the Fray.

Read more: ENVE becomes latest brand to offer wheelsets with Classified’s Powershift hub

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Unlike many other US brands, ENVE has set itself apart by keeping most of its manufacturing on US soil. Its products have also enjoyed lots of popularity in professional racing, where its wheels and handlebars have been used by Tadej Pogačar’s UAE Team Emirates and UAE Team ADQ since the beginning of 2023. 2024 brought another significant milestone for the company as its bikes entered the pro peloton for the first time at the hand of TotalEnergies.

ENVE’s sale comes in a turbulent period in the cycling industry which has seen many companies struggle. Most recently, Stages Cycling ceased operations, while Wiggle caught plenty of headlines in late 2023 when it entered administration, before being acquired by Mike Ashley-owned Frasers Group.

ENVE’s change of ownership appears to be a more positive move, with PV3 owner Hancock pointing to the room for further growth and the aim of cementing ENVE’s position as a “performance leader.”

“We have confidence in the direction that ENVE’s management team are taking the company, and we want to continue building the brand’s legacy as a performance leader and US manufacturer, while providing the necessary support for continued growth,” Hancock said in the press release.

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