Premium Bike Brand Pinarello partner's with Private Equity Firm
L Catterton, the largest consumer-focused private equity firm in the world, today announced that it has acquired Pinarello, a leading brand of premium road bicycles, accessories and apparel.
Greenwich, Conn. and Milan, Italy, Dec. 6, 2016 - Since its beginnings in a small workshop in Treviso, Italy more than 65 years ago, Pinarello has offered cutting-edge, Italian-designed road bikes for use by amateur and professional riders alike. Sold in over 50 countries worldwide, Pinarello's products are clearly differentiated by advanced technology, uncompromising performance and beautiful style. A favorite of Tour de France riders, Pinarello has provided bikes to 12 Tour winners, including four of the last five. In partnership with L Catterton, Pinarello plans to expand its presence with bike dealers globally while also focusing on the growth of its accessories and apparel businesses. The Pinarello management team will continue to be led by Chief Executive Officer Fausto Pinarello out of its Treviso headquarters.
"L Catterton's unparalleled experience building leading brands and deep understanding of the global consumer market make them the ideal partner for Pinarello," said Mr. Pinarello. "L Catterton appreciates our uncompromising commitment to creating the world's finest racing bicycles, and we know their financial and operational expertise will be invaluable during this next phase of growth. Together with L Catterton, we look forward to expanding our global footprint and continuing our path of innovation while staying true to the qualities that have made our bikes so beloved."
"We are thrilled to partner with Pinarello, which over nearly seven decades has established itself as the premium road cycling brand in the world," said Andrea Ottaviano, Managing Partner of L Catterton Europe. "Pinarello has consistently outperformed the $54 billion global bicycle market, leading the industry with products that are of unmatched quality and beauty. We look forward to supporting Pinarello's continued success."
Michael Farello, Managing Partner of L Catterton's North American Growth Fund, added, "We are pleased to have the opportunity to help Pinarello further extend its leadership position in the cycling category. With its rich heritage and outstanding management team, Pinarello has been generating double-digit revenue growth for more than 10 years. We will build on that growth and success as we work to continue the expansion of the Pinarello brand and legacy."
L Catterton has significant experience investing in premium and fitness related brands. Current and past investments include Peloton, Sweaty Betty, Worth, Baccarat, John Hardy, 2XU, Sandro&Maje and Giuseppe Zanotti.
Pinarello, (www.pinarello.com) was founded in 1949 and is a leading premium road bikes, accessories and apparel brand. The Company is known for its superior designs, craftsmanship and racing success, with products for both amateur and professional riders. Pinarello sells to both retailers and distributors in more than 50 countries around the world.