Crewe Capital advises PV3 Investments in the Acquisition of ENVE Composites
April 30 2024 - 7:47AM
Business Wire
Crewe Capital (Crewe), one of the nation’s leading boutique
investment banks, exclusively guided private investment firm PV3
Investments (PV3) in its purchase of ENVE Composites (ENVE), a U.S.
cycling manufacturer, from its parent company Amer Sports (NYSE:
AS).
Both headquartered in Utah, ENVE was a natural fit for PV3,
whose owners are passionate about cycling and want to support its
continued growth. Founded in 2007, ENVE is one of the few U.S.
cycling brands to have all-American manufacturing and is dedicated
to building high-tech biking performance products in-house, such as
wheels, components, and bicycles.
“ENVE is uniquely positioned in the market, and we see PV3 as an
excellent opportunity to take the company to the next level with a
like-minded buyer who has confidence in our mission,” said ENVE’s
CEO, Mike Stimola. “We are thankful to Amer Sports for its support
over the past eight years that has enabled us to grow as a parts
supplier to some of the world’s leading cyclists.”
Since 2016, ENVE has been operating out of its
80,000-square-foot headquarters in Ogden, Utah, which includes its
engineering, R&D, manufacturing, sales, marketing, customer
service, and finance teams, all of which provide employment
opportunities for the local community.
“As a Utah native and cyclist, I believe in ENVE and have
confidence in the direction the management team is taking the
company. We are dedicated to maintaining ENVE’s heritage as a local
manufacturer and leader in composites technology while continuing
the legacy and providing the necessary support for continued
growth,” said Mark Hancock, a Principal of PV3.
“It’s been rewarding to collaborate with a national brand like
ENVE that’s based in our backyard, and we know that the company is
in good hands with PV3,” said Mike Bennett, Managing Partner of
Crewe Capital. “Under new ownership, ENVE will continue to be a
staple of the Utah business community while building on and growing
its storied, global legacy.”
ENVE’s brand, products, services, business relations,
leadership, and employee statuses will remain unchanged following
the transaction. Closing is expected to take place in the next few
weeks and the parties have agreed not to disclose the transaction
details.
About Crewe Capital Crewe Capital is an independent
investment banking, securities, and mergers and acquisitions firm
advising companies through their most important capital
transactions.
Investment banking and M&A activities are offered through
Crewe Capital, LLC, a registered broker-dealer with the U.S.
Securities and Exchange Commission (www.sec.gov), a member of the
Securities Investor Protection Corporation (www.sipc.org), and a
member of the Financial Industry Regulatory Authority
(www.finra.org).
About ENVE
Located in Ogden, Utah, ENVE Composites is a manufacturer of
handmade carbon fiber bicycle frames, rims, and components.
Partnering with the world’s best athletes, ENVE combines the best
composite technologies with real-world athlete feedback to provide
our customers with the ultimate in performance, durability, and
quality. ENVE designs and manufactures 100% of their rims and the
Custom Road Bike in their Ogden, Utah, USA facility.
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Haley Rosa Gregory FCA for Crewe Capital haley@gregoryfca.com
610-228-2805