Enve Composites, the U.S. manufacturer best known for its carbon wheels, has been sold to PV3 Investments, a private investment firm based in Utah. The acquisition, announced on Tuesday, marks the end of nearly a decade for Enve under Amer Sports.
According to reporting in Bicycle Retailer and Industry News, Amer Sports’ Chief Operating Officer Michael Hauge Sørensen said the decision came after a comprehensive strategic review, identifying PV3 as the ideal entity to advance Enve’s growth. “Enve has shown positive momentum and potential, but it was time for a new phase under new ownership,” Sørensen stated.
Amer purchased Enve in 2016 for US $50 million, bringing it into an outdoor sports portfolio that included Mavic, Arc’teryx, Salomon, and Wilson. Amer has since shed a number of brands, selling Mavic in 2019, Suunto in 2022, and fitness brand Precor to Peloton in 2020. Financial terms of the deal between Amer and PV3 were not disclosed, but closing is expected in the coming weeks.
PV3 Investments is led by principal Mark Hancock, a cyclist and co-founder of healthcare services company PACS Group, which recently raised US $450 million in an April IPO. In a press release announcing the Enve transaction, Hancock expressed confidence in the brand’s current management and strategic direction. “We are committed to supporting Enve’s status as a performance leader and U.S. manufacturer,” Hancock noted, emphasizing the firm’s dedication to fostering growth and innovation.
Mike Stimola, general manager of Enve, welcomed the acquisition, viewing it as an opportunity to elevate the brand further through local Utah ownership. “Despite the challenges in the current bicycle market, Enve continues to grow, driven by our innovative products and professional team partnerships,” Stimola said.
Did we do a good job with this story?