Enve Acquired by Utah-Based Private Equity Firm PV3

Enve, a renowned brand in the world of high-end composite cycling products, has made headlines today with the announcement of its acquisition by Utah-based private equity firm PV3. This move comes as Enve continues to solidify its position in the industry, following its relocation to a new headquarters in Ogden, Utah, in 2016.

PV3, led by cycling enthusiast Mark Hancock, has expressed its commitment to preserving the Enve brand’s heritage. Founded in 2007, Enve stands out in the composite manufacturing sector with the majority of its products being made domestically in the USA.

Mark Hancock, the head of PV3, stated, “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.”

The acquisition marks Enve’s departure from its previous parent company, Amer Sports, amidst challenges faced by the cycling industry. Despite the industry headwinds, Enve has shown positive momentum and potential for growth, leading to the decision for a new phase of development under PV3’s ownership.

Mike Stimola, General Manager at Enve, expressed excitement about the acquisition, stating, “This is an opportunity to take Enve to the next level through local Utah ownership. While the current bicycle market is challenging, Enve is growing based on our product innovation and professional team partnerships.”

While details of the transaction have not been disclosed, the completion of the acquisition is expected within the next few weeks. This move signifies a new chapter for Enve under the ownership of PV3, with a focus on continued growth and innovation in the cycling industry.