Pinarello rumoured to have been sold to mining mogul for €200 million
Ivan Glasenberg will become the new owner of the Italian bike company
Pinarello, the renowned Italian bike company has reportedly been sold. On Thursday, private equity firm L Catterton officially announced the sale, but specific details regarding the terms of the deal were not yet public.
According to a recent report in the Gazzetta dello Sport, Ivan Glasenberg is the new owner, with the purchase price set at approximately €200 million.
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Glasenberg is a 66-year-old South African entrepreneur who became a billionaire through the Glencore company, an Anglo-Swiss mining corporation. He is a former race walker and would have taken part in the 1980 Olympics in Moscow had the games not been boycotted. He’s also keen on triathlon and cycling. Glasenberg has already invested in cycling, having invested in the Q36.5 clothing brand. The company has an estimated wealth of 8.6 billion in the Forbes ranking.
The Gazzetta dello Sport report goes on to state that Fausto Pinarello will retain a financial interest in the company (he holds a minority stake of 19.79 per cent), as well as the current position of chairman.
