TREVISO, Italy (BRAIN) — The private equity firm L Catterton has closed on the transaction to purchase a majority stake in Pinarello, an investment the companies announced last December.
L Catterton, which claims to be the largest global consumer-focused private equity firm in the world, is headquartered in Connecticut. The luxury brand conglomerate LVMH, the owner of Louis Vuitton and other brands, is a part owner of L Catterton.
Fausto Pinarello remains CEO of Pinarello and continues to lead the business from its Treviso headquarters. He also maintains a "relevant" stake in the company. The transaction was conducted jointly by L Catterton Europe and L Catterton North American Growth funds.
"I am extremely pleased to announce the closing of the deal today: it represents a new beginning," said Pinarello. "This investment aims at reinforcing the company, supporting the development and growth of the Pinarello brand at a global level."
Pinarello was founded in 1952 by Fausto's father, Nani Pinarello.
Pinarello has revenues of 52 million euros ($56 million) in its last fiscal year. The company has more than 50 employees and produces 30,000 bikes and frames per year.