Campagnolo opens a new era with an investor also behind Pinarello

The rumors that have pointed to significant movements in the ownership of Campagnolo for months finally had a real operation behind them. The historic Italian company has officially announced the entry of SPAC SA as a new investor through the acquisition of a minority stake. The company has other investments within the cycling industry, including Pinarello, although Campagnolo has not revealed who the shareholders behind it are.

Campagnolo confirms the entry of a new investor related to Pinarello

Just a few days ago, we reported that the owner of Pinarello appeared to be related to the rumors about a possible operation with Campagnolo. The information was not confirmed at that time and, although the official announcement does not exactly confirm a purchase by Ivan Glasenberg, it does reveal that a significant business movement was taking place.

Campagnolo has announced an investment agreement with SPAC SA, a holding company based in Zurich that will acquire a minority stake in the Italian company.

There are two fundamental details. The first is that the Campagnolo family will remain the majority shareholder and will retain control of the company. The second is that Campagnolo explicitly identifies Pinarello among the other investments that SPAC holds within the cycling industry.

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The operation still needs to formally complete its closure, expected during the next month and subject to the usual conditions of such transactions.

The rumors pointed to Ivan Glasenberg, but it is not confirmed who is behind SPAC

.When directly asked by BikeRadar about who is behind the new investor, Federico Gardin, product and marketing manager of the Campagnolo group, explained that the company could not comment on the individual shareholders of SPAC.

Therefore, what can be officially stated is that SPAC SA enters Campagnolo and that this same company has investments in Pinarello. The direct link of Glasenberg with this operation has still not been publicly confirmed.

The Campagnolo family maintains control

This is probably the main nuance regarding the initial rumors. We are not facing a complete sale of Campagnolo. The family that has controlled the company since Tullio Campagnolo founded it in Vicenza in 1933 will remain its majority shareholder and will retain control.

SPAC enters as a minority partner and, according to Campagnolo, will provide new resources and strategic expertise to accelerate the transformation that the company has been developing for some time.

A transformation that comes after particularly complicated years. Campagnolo went from being one of the dominant brands in professional cycling to losing much of its presence against Shimano and SRAM. This was compounded by its economic problems and the deep internal restructuring that the company has recently faced.

At the same time, the Italian brand has begun to significantly renew its catalog. The Super Record 13 marked the beginning of a new architecture of transmissions, and later the new Record 13 arrived, with which Campagnolo aims to bring part of that technology to a broader audience. Now it will have new resources to accelerate that process.

Campagnolo wants to make a strong return to professional cycling

And here appears one of the most interesting points of the announcement. Campagnolo explicitly acknowledges that one of its objectives is to strengthen its connection with elite cycling and professional competition, two areas that the company itself considers fundamental to its identity, innovation, and credibility.

It also aims to strengthen relationships with major bicycle manufacturers and business partners, modernize its operations, and continue investing in both Campagnolo and Fulcrum.

This directly points to two of the areas where the company had lost the most ground in recent years: OEM assemblies from major manufacturers and the professional peloton.

Campagnolo in the Pinarello of Q36.5?

It is inevitable to ask this question now, but for the moment, nothing is confirmed. When we published the first rumors, we pointed out that if there was indeed a business connection between Campagnolo and the Pinarello environment, one of the most logical moves would be to see their transmissions on the bikes of Pinarello-Q36.5.

The recent trajectory of the team invites this possibility. The formation previously used Scott bikes, and after Glasenberg's entry into Pinarello and once existing commercial commitments were finished, it began competing with Dogma F bikes. Pinarello even ended up incorporating itself into the official name of the team.

But Campagnolo has wanted to distance itself precisely on this issue. The company assures that it will continue to operate with total independence from the other investments of SPAC within the cycling industry, including Pinarello, and that its relationships with manufacturers and business partners will continue to be managed independently.

Therefore, seeing Tom Pidcock and the rest of the Pinarello-Q36.5 compete with Campagnolo is, for now, only a possibility.

A new chapter for Campagnolo

Beyond who is ultimately behind SPAC, the announcement represents a turning point for Campagnolo. The brand maintains its family ownership and independence but receives the economic and strategic backing of a new partner at a decisive moment in its history.

After years of losing ground to Shimano and SRAM, economic problems, a deep restructuring, and a recent product offensive, Campagnolo now faces a new stage with more resources and a particularly ambitious declared goal: to regain presence among the major manufacturers and once again play a leading role in professional cycling.

The rumors anticipated a significant movement around Campagnolo. The reality has turned out to be more nuanced than a sale of the company, but the movement has finally taken place.