Two-time Formula One World Champion and cycling enthusiast, Fernando Alonso, joined forces with the sport investment managers, NOVO, to help fulfill his vision for creating a professional cycling team.
"I’m thrilled to be part of this new venture," said Alonso. "I get to indulge my passion for cycling and obsession with technology and design with likeminded people. We see a window of opportunity and plan to kick it wide open!"
Commenting on their strategy, NOVO’s Managing Partner Nathan Pillai says that the timing couldn’t be better. "Current social, economic and market conditions have created an attractive proposition for investors. Our research points to certain segments of the market where participation, consumption and media interest in all things cycling are on the up. Inspired by what we have learnt in F1, we see opportunities in high performance products, wearable technologies and content that serve these segments. We have access to off-market and proprietary opportunities as well as a competitive advantage over financial investors."
Luis Garcia Abad, a Director of the new venture, explains that this advantage extends to both investors and portfolio companies. "We will direct our resources to situations where we can add real value. We have some great assets that we can deploy to transform the growth potential of our portfolio companies which ultimately improves the return on invested capital for our shareholders."
On the subject of Mr. Alonso’s long awaited team, Mr. Pillai said that it remains an integral component of their plans. "Just as motor sport provides a platform for manufacturers to reach potential buyers, professional cycling gives us a powerful shop window to integrate our portfolio companies, conduct R&D and promote our activities. We want to create a competitive, sustainable team franchise that is loved and admired for its innovation, transparency and commitment to social responsibility. We are busy putting in place the foundations required to achieve the long term success we desire and will make an announcement on our progress in due course."
Regarding his role in the new venture, Alonso says, "I’ve been fortunate to have worked with some of the World’s most desirable and innovative companies such as Ferrari, Oakley, Renault and McLaren. In the relentless pursuit of success, I know what makes an organization successful. It is this experience and desire to win that I will bring to this project."
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