Mavic Owner Amer Sports Takes Over ENVE Composites
HELSINKI, Finland – To grow its slow cycling business (-2% in 2015), Amer Sports Corporation has acquired ENVE Composites. Amer Sports reports that, “the US based company ENVE brings capabilities in carbon technology, and it offers operational scale and synergy benefits complementing our cycling category.”
The acquisition should accelerate Amer Sports Cycling business especially in the United States and provide further expansion opportunities internationally. The acquisition price is USD 50 million in an all-cash transaction. The ENVE product range includes high-end carbon wheels, components, and accessories for road and mountain biking with annual sales of approximately USD 30 million.
Delay in a key product launch
Last week Amer Sports reported that Mavic saw its net sales decline by 2% to € 138.5 million in 2015. The main reason for this decrease was a delay in a key product launch until 2016. Mavic generates 70% of its turnover in EMEA (Europe Middle East & Africa), 12% in the Americas and 18% in Asia Pacific.