Enve, an established wheel, component, and bicycle brand specializing in high-end composite products, has announced that it has been acquired by Utah-based private equity firm PV3. The acquisition follows the company's 2016 move to its new headquarters in Ogden, Utah.

PV3 is headed by Mark Hancock, himself a cycling enthusiast, and is dedicated to maintaining the tradition of the Enve brand; Enve itself, founded in 2007, is an outlier in composite manufacturing in that the majority of its products are made in the United States.

Commenting on the acquisition, Hancock said, "The Enve management team is confident in the direction of the company and wants to continue to build on the brand's legacy as a performance leader and U.S. manufacturer while providing the support necessary for continued growth." [The sale of Enve from parent company Ame Sports, which includes Wilson, Arc'teryx, and Salomon, comes against a backdrop of significant headwinds in the cycling industry. Major established brands like Specialized, Zwift, Wahoo, and most recently Rapha have been laid off.

"ENVE has undergone significant changes over the last few years. We see positive momentum and good potential for the brand," explained Michael Hauge Sorensen, chief operating officer of Amer Sports. "However, after a thorough strategic assessment, we have concluded that the next phase of development should take place under new ownership, and we believe PV3 is the most suitable owner to realize and drive the next phase of ENVE's growth."

Mike Stimola, Enve's General Manager, had this to say about the move: "We are very excited about this move. The current bicycle market is tough, but Enve is growing based on product innovation and partnerships with professional teams."

He said.

A quick search of PV3 does not reveal that much. The company is "the family holding company of Mark Hancock, an experienced and successful entrepreneur and cycling enthusiast," but it appears to be his first foray into the cycling world from a business perspective.

Details of the deal have not been disclosed by the brand, but it is expected to be completed within "the next few weeks."