Amer Sport Organization, owner of the iconic French wheel brand, Mavic, announced today, that it has purchased the American wheel company, ENVE Composites, for $50 million.
Over the last few years, the Ogden, Utah based ENVE, has become synonymous with upper-end carbon rims, wheels and components, rapidly becoming the supplier of carbon fiber forks for many of the world’s top independent frame builders.
According to Amer, the purchase was an all-cash transaction, with the final closing expected to take place this spring.
First launched as EDGE Composites in 2005 by Jason Schiers, the company was forced to change its name to ENVE in 2010, due to a conflict with another European brand bearing the same name.
According to ENVE, the brand boasts yearly sales of around $30 million.
from Amer Sports…
Amer Sports accelerates in Cycling through the acquisition of ENVE
To accelerate its Cycling business, Amer Sports Corporation has acquired ENVE Composites LLC, based in Utah, USA. ENVE is a fast-growing brand in high-end carbon wheels, components, and accessories for road and mountain biking with annual sales of approximately USD 30 million. The acquisition accelerates Amer Sports Cycling business especially in the United States and provides further expansion opportunities internationally. ENVE brings capabilities in carbon technology, and it offers operational scale and synergy benefits complementing Amer Sports’ cycling category.
The acquisition price is USD 50 million in an all-cash transaction. The acquisition will have no material impact on Amer Sports’ 2016 financial results, and it will be accretive to Amer Sports EBIT margin as of 2017. The closing of the acquisition is expected in the first quarter of 2016.
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