GREENWICH, Conn. (BRAIN) — L Catterton, which bought a majority share in Pinarello in 2017, said it has sold the company to "a private family office."
L Catterton is a private equity group that is partially owned by the luxury brand conglomerate LVMH, the owner of Louis Vuitton and other brands.
The Financial Times reported several weeks ago that billionaire Ivan Glasenberg was close to a deal to acquire Pinarello. An Italian news site also reported that Glasenberg was seen visiting Pinarello recently. Glassenberg is already an investor in the cycling apparel brand Q36.5. La Gazzetta reports that Glasenberg bought the bike company for 200 million euros.
L Catterton said that Fausto Pinarello will maintain an interest in the company while keeping his role as chairman. "He will continue with his crucial involvement in the Company's production and R&D departments to help shepherd the business through its next wave of innovation and growth," L Catterton said in a statement Thursday.
"With L Catterton's global platform and their expertise in fitness, outdoor, and luxury, Pinarello has grown its status as an elite performance brand at the apex of the cycling industry," said Fausto Pinarelloin the L Catterton press release. "Over the past seven years with L Catterton's partnership and capabilities, 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. 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."
Matt Nugent, a partner in L Catterton's Growth Fund, said, "Since partnering with Pinarello, we have leveraged our extensive expertise in the health & wellness and sporting categories to build on Pinarello's Italian racing heritage and expand its reach to riders around the world. 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."
The company said Houlihan Lokey acted as financial advisor and ADVANT Nctm provided legal counsel to L Catterton and Pinarello. Electa Italia and GE Lux acted as structuring advisers.
