Pinarello could be for sale after banner years

Italian bike maker Pinarello could have a new owner in 2023. Private equity firm L Catterton, which bought a controlling stake in Pinarello in 2016, is reportedly seeking an offer as Pinarello's sales have nearly doubled since the takeover.

According to a report in Unquote, consultant Houlihan Lokey will broker the deal, which is rumored to be attractive to Accell, whose brands include Haibike, Winora, Ghost, Batavus, Koga, Lapierre, Raleigh, Sparta, Babboe and Carqon. In June, a consortium led by investment firm KKR bought a majority stake in Accell.

Pinarello's sales have grown from €50 million to €90 million and after a few successful years in business it is sure to attract more interest. Pinarello's sales in the 2021-2022 fiscal year amounted to 83.9 million euros, an increase of 24% over the previous year.

The cycling industry continues to grow, accelerating during the COVID-19 pandemic as people seek alternative modes of transportation and exercise away from crowded indoor spaces.

A report by Technavio predicts that the bicycle market will grow by $22.7 billion from 2022 to 2027, and with expectations of steady growth, investors are eager for a piece of the pie.

In September, private equity firm MiddleGround Capital bought HLC, which distributes SRAM, Shimano, Garmin, ABUS, RockShox, Kuat, Tacx and Muc-Off and owns Evo, WheelShop, PWR bikes and Eclypse.

In July this year, Canyon bikes received a $30 million investment from LRMR Ventures and SC Holdings.

In 2020, Ernesto Colnago sold the iconic Italian brand to Chimera Investments LLC, a UAE-based fund.