Amer Sports, the parent company of Enve Composites, announced today that the Enve brand has been acquired by PV3, a Utah-based private investment firm allegedly owned by avid cyclists. Closing is expected to take place in the next few weeks and the parties have agreed not to disclose the transaction details.
"Enve has gone through major changes in the past years. The brand has positive momentum, and we see that it has good potential," said Amer Sports' Chief Operating Officer Michael Hauge Sørensen.
By this, Sørensen refers to Enve's continued brand evolution from aftermarket carbon wheel and component specialists to a full-service bicycle brand. Enve has released four bike models in just four years and now offers a complete line of drop bar offerings with a custom bike made in Utah and a road racing, gravel and endurance bike model being made overseas.
And in addition to its component sponsorship of professional cycling teams UAE Team Emirates and Team Polti Kometa, Enve also stepped up to become Team TotalEnergies' equipment sponsor for 2024. As a result, the Melee road racing bike and Enve's assortment of wheels and cockpits are now being ridden on cycling's biggest stage.
"While the current bicycle market is challenging, ENVE is growing based on our product innovation and professional team partnerships," confirmed Enve's General Manager Mike Stimola stated.
With this rapid growth, Amer Sports decided the brand is better off in new hands.
"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," Sørensen stated.
The acquisition comes three months after Amer Sports filed to become a U.S. initial public offering (IPO), a move that is often aimed at raising significant capital. However, further details regarding the shares remained undisclosed.
Like Enve, the new owners are based in Utah and are "dedicated to maintaining ENVE's heritage as a Utah-based manufacturer and leader in composites technology."
"We have confidence in the direction 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," said Mark Hancock, Principal of PV3.
ENVE's operations are said to continue as normal with the acquisition complete.
Enve Composites was founded in 2007 and is one of a few U.S. cycling brands to manufacture most of its products on American soil. Amer Sports acquired Enve Composites in 2016 for $50 million, adding it to its portfolio of outdoor brands. That same year, Enve moved into its Ogden, Utah headquarters, which houses the brand's engineering, R&D, manufacturing, sales, marketing, customer service, and finance operations.
Amer sold its other cycling investments, Mavic and Suunto, in 2019 but still owns notable outdoor brands like Arc'teryx, Atomic, Wilson Sporting Goods, Armada, Louisville Slugger, DeMarini, Sports Tracker and Luxilon.
