Ernesto Colnago sells majority share to Abu Dhabi investment fund

Ernesto Colnago has reportedly sold a majority share of his historic bike brand to an Abu Dhabi investment fund.

Chimera Investments LLC has acquired a majority of the shares in the 1954 founded mainstay of Italian bike design, according to Tutto Bici Web.

The 88-year-old founder has said that the move will allow the brand to grow "and increase its presence in all markets, whilst maintaining and improving the quality of Colnago products," the Italian site reports.

>>> Ernesto Colnago: The Big Interview

"We have a unique opportunity with the support of Chimera to ensure that we continue to build the world’s best bikes well into the future," said the brand's founder.

Colnago bikes have claimed victories across the World Tour calendar at the Tour de France, Giro d'Italia and Paris-Roubaix, taking wins on Olympic and world championship stages.

The brand launched the new V3R in July 2019, entering the gravel market just a new months later in November with the G3X.

In 2018, the Colnago launched the C64, calling it 'the perfection of made in Italy', with the machine which harks its routes back to the Paris-Roubaix winning C40 earning a place in the Cycling Weekly editor's choice awards. Our reviewer commented: "The C64 takes all that was good about its predecessor, the C60 while adding modern aero details, improved power transfer and a more comfortable ride experience. It’s a bike selected for our Editor’s Choice awards for the best we’ve ridden in 2018."

The brand currently sponsors the UCI World Tour Team, UAE Team Emirates, which plays hosts to eight Italian riders including Fabio Aru.

Discussing the new venture, a representative from Chimera Investments said: "From all the Fans of Colnago, we would like to thank the master of the design and invention of great bikes Ernesto Colnago, and we would like to follow his path and move forward in his legacy bringing Colnago to a bright future as no one else would. Mister Colnago will always be the Godfather and the guiding force of the new developments."