Private equity firm L Catterton, which is backed by LVMH, has sold leading Italian bicycle brand Pinarello valued around $273m

Elite Italian bicycle maker Pinarello changes hands

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.

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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).

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)

Source: Reuters

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