L Catterton has acquired Pinarello, a maker of road bikes, apparel and accessories. No financial terms were disclosed.
GREENWICH, Conn., MILAN and TREVISO, Italy – December 6, 2016 – L Catterton, the largest consumer-focused private equity firm in the world, today announced that it has acquired Pinarello, a leading brand of premium road bicycles, accessories and apparel. Terms of the transaction were not disclosed.
Since its beginnings in a small workshop in Treviso, Italy more than 65 years ago, Pinarello has offered cutting-edge, Italian-designed road bikes for use by amateur and professional riders alike. Sold in over 50 countries worldwide, Pinarello’s products are clearly differentiated by advanced technology, uncompromising performance and beautiful style. A favorite of Tour de France riders, Pinarello has provided bikes to 12 Tour winners, including four of the last five. In partnership with L Catterton, Pinarello plans to expand its presence with bike dealers globally while also focusing on the growth of its accessories and apparel businesses. The Pinarello management team will continue to be led by Chief Executive Officer Fausto Pinarello out of its Treviso headquarters.
“L Catterton’s unparalleled experience building leading brands and deep understanding of the global consumer market make them the ideal partner for Pinarello,” said Mr. Pinarello. “L Catterton appreciates our uncompromising commitment to creating the world’s finest racing bicycles, and we know their financial and operational expertise will be invaluable during this next phase of growth. Together with L Catterton, we look forward to expanding our global footprint and continuing our path of innovation while staying true to the qualities that have made our bikes so beloved.”
“We are thrilled to partner with Pinarello, which over nearly seven decades has established itself as the premium road cycling brand in the world,” said Andrea Ottaviano, Managing Partner of L Catterton Europe. “Pinarello has consistently outperformed the $54 billion global bicycle market, leading the industry with products that are of unmatched quality and beauty. We look forward to supporting Pinarello’s continued success.”
Michael Farello, Managing Partner of L Catterton’s North American Growth Fund, added, “We are pleased to have the opportunity to help Pinarello further extend its leadership position in the cycling category. With its rich heritage and outstanding management team, Pinarello has been generating double-digit revenue growth for more than 10 years. We will build on that growth and success as we work to continue the expansion of the Pinarello brand and legacy.”
L Catterton has significant experience investing in premium and fitness related brands. Current and past investments include Peloton, Sweaty Betty, Worth, Baccarat, John Hardy, 2XU, Sandro&Maje and Giuseppe Zanotti.
Pinarello, (www.pinarello.com) was founded in 1949 and is a leading premium road bikes, accessories and apparel brand. The Company is known for its superior designs, craftsmanship and racing success, with products for both amateur and professional riders. Pinarello sells to both retailers and distributors in more than 50 countries around the world.
About L Catterton
L Catterton, formed in 2016 through the partnership of Catterton, LVMH and Groupe Arnault, is the largest consumer-focused private equity firm in the world, operating multiple funds out of seventeen offices across five continents. Since its founding in 1989, Catterton has leveraged its category insight, strategic and operating skills, and network of industry contacts to establish one of the strongest private equity investment track records in the middle market. L Catterton builds on this heritage and the strong track record of LVMH and Groupe Arnault’s existing European and Asian private equity and real estate operations, conducted under the L Capital and L Real Estate franchises. L Catterton invests in all major consumer segments, including: Food and Beverage, Retail and Restaurants, Beauty and Wellness, Fashion and Accessories, Consumer Products and Services, Consumer Health, and Media and Marketing Services, as well as real estate projects anchored by luxury retail. L Catterton’s investments include: Peloton, Restoration Hardware, CorePower Yoga, Sweaty Betty, Outback Steakhouse, Plum Organics, CHOPT Creative Salad Company, Mendocino Farms, Noodles & Company, PIADA, Hopdoddy, Vroom, Snap Kitchen, Frederic Fekkai, PIRCH, Build-A-Bear Workshop, Wellness pet food, Nature’s Variety pet food, Kettle Foods, Odwalla, P.F. Chang’s, Ba&sh, Sandro & Maje, CellularLine, Giuseppe Zanotti, Cigierre, Gant, Nutrition and Sante, Pepe Jeans & Hackett, 2XU, Charles & Keith, Marubi, Bateel, Sasseur, Emperor Watch and Jewelry, Miami Design District and G6 in Ginza – Tokyo, to name a few. More information about L Catterton can be found at www.lcatterton.com.