Pinarello changes ownership again. The intention to sell by the fund L Cattertonwhich had bought the brand in 2017, had already been made known in January 2023, so much so that rumors had followed on Fausto Pinarello’s desire to bring the property back to Italy.
Rumors that have not found a follow-up, however.
L Catterton officially announced today that it has sold Cicli Pinarello, but the terms of the deal and the new owner are unknown. According to the rumors of the Gazzetta dello Sport it should be the South African billionaire Ivan Glasenbergex walker, cycling and triathlon enthusiast.
The Gazzetta also speaks of a figure of around 200 million (in 2017 Pinarello was bought for around 90 million).
Below is the official press release sent by Pinarello.
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OFFICIAL RELEASE
L Catterton, a leading global investment firm focused on the consumer sector, today announced that it has sold Cicli Pinarello, the iconic Italian bicycle brand. Known throughout the world, always synonymous with excellent sporting performance, speed and luxury, the company was sold to a private family office. Terms of the deal were not disclosed.
Fausto Pinarello will retain a financial interest in the company, as well as the current position of Chairman. He will also continue to offer his fundamental support to the production, research and development departments, actively accompanying the company in this new phase of growth and development.
Fausto Pinarello will keep the position of President of the company
Decades of proven top-level sporting performance, combined with the unmistakable quality of Italian craftsmanship, have made Pinarello an instantly recognizable brand, coveted and desired by amateur and professional cyclists around the world. Together with L Catterton, Pinarello has achieved important organizational and growth successes, which have made it possible to further elevate the already well-known exceptional nature of the brand.
“With the support of L Catterton’s global platform and its expertise in the world of fitness, outdoor and luxury, Pinarello has grown its status, confirming itself as a leading brand in sports performance excellence and positioning itself at the pinnacle of cycling industry,” said Fausto Pinarello. “Over the past seven years, thanks to the collaboration and great skills of L Catterton, we have seen significant growth in our capabilities in research and development; a precious know-how, further strengthened by the partnerships started with the best cyclists and the best-known organizations in the sector, which has allowed us to create cutting-edge products, the result of an irreducible drive for innovation. We also achieved record revenues, allowing us to face a new era of growth, more ready than ever. I can’t wait to continue the wonderful journey started, and this transaction will allow us to further elevate our company: through ever greater investments in research and development, Pinarello will consolidate its leading role, giving life to innovative products ready to revolutionize, still once upon a time, the high-end bicycle sector”.
Matt Nugent, partner at L Catterton’s Growth Fund, commented: “Since partnering with Pinarello, we have leveraged our extensive experience in the world of health, wellness and sport to grow the brand and help it progressively reach cyclists from Worldwide. The exceptional growth of the company has been made possible by the commitment and dedication of a very talented team, and we can be truly proud of the goals we have achieved. We are confident that the company’s great success will only continue into its next chapter, with the design of industry-leading products in the current and future market”.
Houlihan Lokey acted as financial advisor and ADVANT Nctm provided legal advice to L Catterton and Cicli Pinarello. Electa Italia and GE Lux acted as structuring advisers.
For more information: pinarello.com/europe/it
2023-06-29 21:30:06
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