LVMH’s L Catterton fund buys Italian bike business Pinarello

L Catterton, formed earlier this year through a partnership of Catterton, LVMH and the Arnault’s family holding company, has acquired Italian bike business Pinarello.

The LVMH’s led investment vehicle has acquired a majority stake in the Italian bike brand in an attempt by the French luxury goods giant to enter the sports and athleisure sectors.

Namesake company’s CEO Fausto Pinarello, whose father founded the Treviso-based business, will retain his position as well as a significant minority stake in the business.

As advanced by Pinarello in a release, the company plans to use the financial backing received from the new stakeholders to expand its presence globally as well as to open new Pinarello concept stores in some of the most relevant capital cities in the world.

Pinarello Holding registered 52 million euro in revenues during fiscal year 2015/2016, of which 90 percent are generated abroad.