OGDEN, Utah (BRAIN) — Amer Sports has sold ENVE Composites to PV3, a Utah-based private investment firm.
Amer Sports' Chief Operating Officer Michael Hauge Sørensen said, "ENVE has gone through major changes in the past years. The brand has positive momentum, and we see that it has good potential. However, 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."
ENVE Composites was founded in 2007 as Edge Composites, changing its name in 2010.
ENVE's General Manager Mike Stimola, who joined the company last year, said, "This is an opportunity to take ENVE to the next level through local Utah ownership." Stimola will continue in his role and the sale closing is expected in the next few week.
Amer bought ENVE in 2016 for $50 million. At the time, Amer also owned Mavic, which it sold in 2019. It also sold off the fitness brand Precor and the electronics brand Suunto. That year, the Anta-led group acquired Amer for $5.2 billion and took it private, with Anta owning about 53% of its shares.
Over the years, ENVE has expanded from rims to offer carbon forks, seatposts, handlebars and stems, adding bike frames in 2021.
Crewe Capital, a boutique investment bank with offices in Salt Lake City, advised PV3 in the acquisition. According to a release from Crewe, PV3’s principals include Mark Hancock, who Amer described as "an experienced and successful entrepreneur and cycling enthusiast."
“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 in the release.
Hancock is the founder and current board member of PACS Group Inc. (originally called Providence Group), a holding group for healthcare providers.
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