The Greenwich-based private equity firm L Catterton has sold the Italian cycling brand Pinarello.
L Catterton only identified the buyer as a “private family office” and did not disclose the terms of the transaction. However, the Italian media outlet Gazzetta dello Sport reported the buyer was Ivan Glasenberg, the former CEO of the Swiss multinational commodity trading and mining company Glencore, who paid approximately $217 million.
Pinarello was founded in 1952 and is a leading premium road bikes, accessories and apparel brand that sells to both retailers and distributors in more than 50 countries. Fausto Pinarello will maintain an interest in the company while keeping his role as chairman.
“Over the past seven years with L Catterton’s partnership, we have built on our best-in-class R&D capabilities, bolstered by collaborations with the industry’s top riders and organizations, creating a product set that remains consistently at the forefront of innovation,” said Pinarello. “We have also achieved record revenues and are now poised for our next era of growth. I am very excited to continue the momentum that we have achieved, and this transaction will allow us to further elevate our company as the international leader in the high-end bike sector through ever-increasing investments in R&D focused on making industry-changing innovations around materials and products.”
“Since partnering with Pinarello, we have leveraged our extensive expertise in the health and wellness and sporting categories to build on Pinarello’s Italian racing heritage and expand its reach to riders around the world,” said Matt Nugent, a partner in L Catterton’s Growth Fund. “The company’s exceptional growth was enabled by an extremely talented and committed management team, and we are very proud of the success they have achieved. We are confident that the company will continue this success in its next chapter, as it continues to design industry-leading products for both its current, and new, market segments.”
