Ogden cycling gear manufacturer sold to private investment co. PV3 Investments
Ogden-based ENVE Composites, a cycling equipment manufacturer best known for its carbon wheels, has been sold to PV3 Investments, a Utah-based private investment firm. The acquisition marks the end of nearly a decade of ownership of ENVE by Helsinki, Finland- based Amer Sports. Terms of the transaction were not disclosed.
PV3 Investments is led by principal Mark Hancock, a cycling enthusiast and co-founder of healthcare services company PACS Group, which raised $450 million in an April IPO. In a press release, Hancock expressed confidence in the brand’s current management and strategic direction.
“As a Utah native and cyclist, I believe in ENVE and have confidence in the direction the management team is taking the company. We are dedicated to maintaining ENVE’s heritage as a local manufacturer and leader in composites technology while continuing the legacy and providing the necessary support for continued growth,” Hancock said.
Founded in 2007, ENVE is a U.S. cycling brand with all-American manufacturing of wheels, components and bicycles. Amer Sports bought the brand in 2013 for a reported $50 million.
“ENVE is uniquely positioned in the market, and we see PV3 as an excellent opportunity to take the company to the next level with a like-minded buyer who has confidence in our mission,” said ENVE’s CEO, Mike Stimola. “We are thankful to Amer Sports for its support over the past eight years that has enabled us to grow as a parts supplier to some of the world’s leading cyclists.”
ENVE operates from its 80,000-square-foot headquarters in Ogden, which includes its engineering, R&D, manufacturing, sales, marketing, customer service and finance teams, all of which will be maintained under the new ownership, according to the release announcing the sale. Salt Lake City investment banking firm Crewe Capital advised PV3 Investments on the acquisition.