L Catterton, a global consumer-focused investment firm, has sold its stake in Pinarello to a private family operation. The terms of the transaction were not disclosed.
Fausto Pinarello will maintain an interest in the company while keeping his role as Chairman. He will continue with his involvement in the company’s production and R&D departments to help shepherd the business through its next phase of innovation and growth.
“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.
“Over the past seven years with L Catterton’s partnership and capabilities, we have built on our best-in-class R&D capabilities, bolstered by collaborations with the industry’s top riders and organizations, creating a product set that remains consistently at the forefront of innovation.
“We have also achieved record revenues and are now poised for our next era of growth. I am very excited to continue the momentum that we have achieved, and this transaction will allow us to further elevate our company as the international leader in the high-end bike sector through ever-increasing investments in R&D focused on making industry- changing innovations around materials and products.”
Matt Nugent, a Partner in L Catterton’s Growth Fund, said “Since partnering with Pinarello, we have leveraged our extensive expertise in the health & wellness and sporting categories to build on Pinarello’s Italian racing heritage and expand its reach to riders around the world.
“The company’s exceptional growth was enabled by an extremely talented and committed management team, and we are very proud of the success they have achieved. We are confident that the company will continue this success in its next chapter, as it continues to design industry-leading products for both its current, and new, market segments.”
Luigi Feola, a Managing Partner at L Catterton Europe, added “We are honoured to have had the opportunity to support Pinarello.
“With L Catterton’s global platform and extensive resources across both its Growth and European Funds, Pinarello was able to accelerate its multi-pronged growth strategy, resulting in significant scale and profitability. As Pinarello continues to meet outsized demand and drive increased capacity and efficiency, we have tremendous confidence in its ability to continue to build upon its reputation as one of the greatest cycling brands in the world.”
www.pinarello.com
www.lcatterton.com
