Italian bike manufacturer Pinarello has been valued at €250 million (£222 million), with former owner Fausto Pinarello considering buying back control of the company he sold seven years ago.
US-based private equity firm L Catterton acquired the bike brand in 2016, with Pinarello remaining the chairman and a minority shareholder with a 19.79% stake. Though terms of the transaction were not disclosed, it is understood the deal was worth around €90 million (£80 million).
According to Italian business outlet Nord Este Economia, L Catterton - a firm partnered with luxury goods company LVMH - is now looking to sell its 80% share, having triggered an ‘exit’ plan in January. Previous agreements state that Pinarello himself has the right to make the first offer, which must come within 90 days, by the end of March.
“I’m thinking about it carefully,” Pinarello was reported to have said. “I’m considering the idea along with a partner who believes in the project. I think we can do well. The bike sector works as a business and we are happy doing what we do. I’m willing to continue to pass that onto future generations.”
Though Pinarello refused to say how much he believes the company is worth, Italian business experts have valued the brand at €250 million.
(Image credit: Getty)
Last October, Cicli Pinarello recorded a growth in sales of 24% for the 2021-2022 fiscal year, declaring revenues of €84 million (£74.5 million). According to the company, gross operating profit increased by 30% year-on-year.
“We are continuing to grow at a steadily increasing pace,” said CEO Antonio Dus in a press release at the time. “The exceptional results achieved in the financial statements we just closed are largely attributable to the ‘know-how’, skills, experience and dedication of the workers of the Villorba factory.”
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The company forecast a similar sales growth for the current fiscal year, which ends 30 June.
Founded in 1953 by Fausto’s father Giovanni, Pinarello has long supplied top-of-the-range bike models to some of cycling’s most successful teams. To date, 15 Tours de France have been won by cyclists riding Pinarello bikes. Such winners include Miguel Induráin, Bradley Wiggins, Chris Froome and, most recently, Egan Bernal.
Earlier this year, the company produced a custom, 3D-printed bike for Filippo Ganna’s Hour Record attempt. The Bolide F HR 3D brought new frame innovations in the form of seat tube ridges, and was successfully ridden by Ganna to a new world record of 56.792km.
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Tom joined Cycling Weekly as a news and features writer in the summer of 2022, having previously contributed as a freelancer. He is fluent in French and Spanish, and holds a master's degree in International Journalism. Since 2020, he has been the host of The TT Podcast, offering race analysis and rider interviews.
An enthusiastic cyclist himself, Tom likes it most when the road goes uphill, and actively seeks out double-figure gradients on his rides. His best result is 28th in a hill-climb competition, albeit out of 40 entrants.
