Bicycle makers Pinarello confirmed today that it has sold the majority stake in the company to the private equity firm partners of the luxury conglomerate LVMH Moët Hennessy - Louis Vuitton. The move had been rumoured for months, and plans confirmed by Pinarello soon after they were leaked to the media.
Current CEO Fausto Pinarello will maintain a 'significant' but minority stake in the company and remain in his position.
With the new investment from the European and North American branches of L Catterton, Pinarello plans a global expansion into concept stores "in some of the most prestigious capital cities in the world".
"L Catterton's unparalleled experience in building leading brands and deep understanding of the global consumer market make them the ideal partner for Pinarello," Fausto Pinarello said in a press release.
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"With even more passion than the one we have already dedicated so far, we will write a new page of the company story. It is still the story of our company which will continue to be led by the same team that made Pinarello the unique company it is now. With L Catterton's Pinarello will see new growth perspectives; we will not forget our roots and continue our path, creating innovative and high quality products."
Pinarello recently extended as equipment sponsor of Tour de France winner Chris Froome's Team Sky for the next four years.