Amer Sports, parent company of Enve Composites, announced Tuesday that the Enve brand has been acquired by PV3, a Utah-based private investment firm.
ENVE Composites was founded in 2007 as Edge Composites, changing its name to ENVE Composites in 2010. It is one of a small number of cycling brands to manufacture wheels, components, and bikes in the United States. Amer Sports acquired ENVE in 2016 for $50 million.
“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,” says Michael Hauge Sørensen, Amer Sports chief operating officer.
PV3 is a Utah-based private investment firm lead by Mark Hancock, an experienced and successful entrepreneur and cycling enthusiast. ENVE’s brand, products, services, business relations, leadership, and employee statuses will remain unchanged following the transaction.
“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 U.S. manufacturer, while providing the necessary support for continued growth,” says Mark Hancock.
ENVE Composites was founded in 2007 and is one of a small number of U.S. cycling brands to have American manufacturing. The Utah-based 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.
“This is an opportunity to take ENVE to the next level through a Utah-based buyer that believes in the products, the people, and our future. ENVE is uniquely positioned thanks to the Amer Sports ownership over the past eight years that provided stability and opportunities to expand into new product categories,” concludes ENVE’s General Manager Mike Stimola.
Closing is expected to take place in the next few weeks and the parties have agreed not to disclose the transaction details. Robert W. Baird served as investment advisor to Amer Sports for the transaction.
