SALT LAKE CITY--(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.
