Sale of Pinarello confirmed
As has been rumored in recent weeks, the investment fund L Catterton, majority shareholder of the historic brand Pinarello has confirmed the completion of its investment with the sale of its stake with an operation of which the details have not been disclosed. A commitment to a brand to add to its portfolio of luxury brands that began in 2016 and to which the investment fund puts an end after having achieved the objectives sought with it.
L Catterton ends his cycling adventure with Pinarello
Although it proved to be a fruitful experience for both L Catterton and Pinarello, the well-known investment fund has decided to put an end to this bet, as had been rumored since the beginning of the year.
The press release issued by Pinarello itself does not provide details of the transaction or who has acquired the majority stake in the brand, which according to the latest rumors pointed to the South African businessman Ivan Glasenberg, although, as we said, it is not yet known if this will finally be the new owner of the historic Italian brand.
What is confirmed is that Fausto Pinarello will continue to hold a minority stake in the company and the role of president, continuing his family's presence in the brand founded in 1952 by Giovanni Pinarello, Fausto's father, thus giving continuity to the brand's philosophy, traditionally linked to competition, with products designed to achieve maximum performance and which are currently being used to the full by the INEOS Grenadiers cyclists, both in road cycling and in their new adventure at the highest level in mountain bike World Cup races with Tom Pidcock and Pauline Ferrand-Prevot.
“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 Pinarello, Chairman of Pinarello.
For its part, L Catterton highlighted the growth experienced by the company in recent years and said goodbye wishing that the brand can take advantage of the momentum to continue in this upward trend.
We will probably have to wait a few days to know more details about this sale, which does not come as a surprise to anyone and is part of the typical movements that these types of investment funds usually make, with very specific plans for each acquisition that they put an end to once the objectives set have been achieved.