PV3, a private investment firm based in Utah, has acquired ENVE Composites from Amer Sports. According to Michael Hauge Sørensen, Chief Operating Officer of Amer Sports, ENVE has positive momentum and good potential for future growth. However, after a strategic evaluation, they decided that the brand’s next phase of development should occur under new ownership. They believe that PV3 is the most suitable owner to drive ENVE’s next growth phase.
ENVE Composites was founded in 2007 as Edge Composites and later changed its name in 2010. The company has expanded its product offerings over the years and currently provides carbon forks, seatposts, handlebars, stems, and even bike frames. General Manager Mike Stimola sees the acquisition as an opportunity to take ENVE to the next level under local Utah ownership. Stimola will continue in his role, and the sale closing is expected in the next few weeks.
PV3 Enterprises, LLC is run by principals Mark Hancock and Blaine Blood, a lawyer based in Mountain Green, Utah. Hancock is described as an experienced entrepreneur and cycling enthusiast who sees potential in ENVE and is committed to supporting its growth while maintaining its local manufacturing heritage and leadership in composites technology.
Amer originally purchased ENVE in 2016 for $50 million and has since sold off other brands like Mavic, Precor, Suunto. Ultimately, the Anta-led group acquired Amer for $5.2 billion in 2019.