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Elite Italian bicycle maker Pinarello changes hands

Reuters
·1-min read

MILAN (Reuters) - Private equity firm L Catterton, which is backed by LVMH, has sold leading Italian bicycle brand Pinarello to an unnamed private family office, it said on Friday.

Fausto Pinarello, the son of the founder of the bicycle group, would maintain a stake in the company and his role as chairman, L Catterton said in a statement.

The company traces its roots back to a cycle shop set up by former professional cyclist Giovanni Pinarello in 1952. It provided bikes for 1990s Tour de France champion Miguel Indurain and current hour record holder Filippo Ganna.

Earlier this month the Financial Times reported that billionaire Ivan Glasenberg, the former chief executive of Glencore, was poised to acquire a controlling stake in Pinarello, which was valued around 250 million euros ($273 million).

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Houlihan Lokey acted as financial advisers to L Catterton on the deal for which financial details were not disclosed. L Catterton had bought Pinarello in 2016. ($1 = 0.9160 euros)

(Reporting by Elisa Anzolin; Editing by Keith Weir)