Carbon component maker Enve out of Ogden, Utah has been sold in an all cash deal valued at $50 million usd to Amer Sports, a Finnish headquartered sporting goods company with brands including Salomon, Wilson, Mavic and Suunto, among others.
Read the full press release regarding the sale, below.
Amer Sports accelerates in Cycling through the acquisition of ENVE
To accelerate its Cycling business, Amer Sports Corporation has acquired ENVE Composites LLC, based in Utah, USA. ENVE is a fast-growing brand in high-end carbon wheels, components, and accessories for road and mountain biking with annual sales of approximately USD 30 million. The acquisition accelerates Amer Sports Cycling business especially in the United States and provides further expansion opportunities internationally. ENVE brings capabilities in carbon technology, and it offers operational scale and synergy benefits complementing Amer Sports’ cycling category.
The acquisition price is USD 50 million in an all-cash transaction. The acquisition will have no material impact on Amer Sports’ 2016 financial results, and it will be accretive to Amer Sports EBIT margin as of 2017. The closing of the acquisition is expected in the first quarter of 2016.
Further information about ENVE: http://www.enve.com/
For further information, please contact:
Päivi Antola, Director, Corporate Communications and IR, tel. +358 20 7122 537