OGDEN, Utah (April 30th, 2024) — Amer Sports, parent company to ENVE Composites, has announced that ENVE has been acquired by PV3, a Utah-based private investment firm whose owners are avid cyclists and have been familiar with the brand for many years.
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 in Utah as EDGE and is one of a small number of U.S. cycling brands to have American manufacturing. The company’s dedication to performance products and in-house manufacturing has allowed it to be an innovation leader in wheels, components, and bicycles, while partnering with many of the best athletes in the world.
In 2016, ENVE moved into its Ogden, Utah based headquarters. The 80,000 square foot building houses engineering, R&D, manufacturing, sales, marketing, customer service, and finance functions that provide employment opportunities to the local community. PV3 is dedicated to maintaining ENVE’s heritage as a Utah-based manufacturer and leader in composites technology.
“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,” said Mark Hancock, Principal of PV3.
ENVE’s General Manager Mike Stimola stated, “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.”
Mike Stimola was brought on by Amer Sports in January 2023 and will continue in his current role. With the acquisition complete, ENVE’s operations will continue as normal.
Closing is expected to take place in the next few weeks and the parties have agreed not to disclose the transaction details.
