Enve, a well-established wheel, componentry, and latterly bike model specialising in high-end composite merchandise has introduced at the moment that it has been acquired by Utah-based personal fairness agency PV3. The acquisition follows the model’s transfer to a brand new headquarters in Ogden, Utah, in 2016.
PV3 is headed up by Mark Hancock, himself a biking fanatic, and is on document as being dedicated to sustaining the Enve model heritage. Enve itself, based in 2007, is an outlier in composite manufacturing insofar as nearly all of its merchandise are manufactured domestically within the USA.
Of the acquisition, Hancock stated, “We have faith within the route Enve’s administration group are taking the corporate and we need to proceed constructing the model’s legacy as a efficiency chief and U.S. producer whereas offering the mandatory help for continued development”.
The divestment of Enve from its unique father or mother firm, Amer Sports, an umbrella below which Wilson, Arc’teryx, and Salomon sit amongst a number of others, comes in opposition to a backdrop of great business headwinds within the biking sector. These have seen layoffs from giant, well-established manufacturers from the likes of Specialized, Zwift, Wahoo, and lately, Rapha.
“ENVE has gone via main adjustments up to now years. The model has optimistic momentum, and we see that it has good potential,” defined Amer Sports’ Chief Operating Officer, Michael Hauge Sorensen. “However, after a radical strategic analysis, we have now concluded that the subsequent section of improvement ought to occur below new possession. We consider PV3 is essentially the most appropriate proprietor for ENVE to understand and drive its subsequent development section.”
Mike Stimola, General Manager at Enve says of the transfer that, “This is a chance to take Enve to the subsequent stage via native Utah possession. While the present bicycle market is difficult, Enve is rising primarily based on our product innovation {and professional} group partnerships.”
A cursory search on PV3 doesn’t reveal a lot. The agency is a “household holding firm of Mark Hancock, an skilled and profitable entrepreneur and biking fanatic”, however it seems to be the agency’s first foray into the world of biking from a enterprise standpoint.
Details of the transaction haven’t been disclosed by the manufacturers, however it’s anticipated to be accomplished inside “the subsequent few weeks.”
