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Enve Composites has been sold by Amer Sports to PV3, a Utah-based private investment firm.
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 realise
and drive its next growth phase.”
Enve Composites was founded in 2007 as Edge Composities, changing its name in 2010, 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.
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 insists it is dedicated to maintaining Enve’s heritage as a Utah-based manufacturer and leader in composites technology. According to the press release issued, PV3’s owners are avid cyclists and have been familiar with the brand for many years.
“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.
Mike Stimola was brought on by Amer Sports in January 2023 and will continue in his current role as general manager
Stimola added: “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.”
With the acquisition complete, Enve’s operations will continue as normal. This includes in the UK and Ireland, via exclusive distributor Saddleback.
Closing is expected to take place in the next few weeks and the parties have agreed not to disclose the
transaction details.
