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Pinarello set to be sold to South African mining billionaire, reports suggest

Former Glencore CEO Ivan Glasenberg is in the final stages of acquiring an 80 percent stake in the iconic Italian brand, according to sources close to the company

Iconic Italian bike brand Pinarello is set to be sold to South African billionaire Ivan Glasenberg, according to sources close to the company.

The Financial Times has reported that Glasenberg, a former champion race walker and mining chief executive, is believed to be in the final stages of a deal to acquire an 80 percent stake in Pinarello.

The 66-year-old was reportedly seen visiting the venerable bike manufacturer’s headquarters in Treviso earlier this week, purportedly to purchase a Bolide time trial bike.

His bid is understood to have valued Pinarello, currently owned by investment firm L Catterton, at €250 million (around £215 million).

Born in Johannesburg, Glasenberg was CEO of Glencore, one of the world’s largest commodity trading and mining companies, for almost 20 years until his retirement in 2021, and still retains a 10 percent share in the business.

> Vincenzo Nibali and Doug Ryder launch new second-tier pro team

Reported to be a keen cyclist, the business executive has already dipped his toe into the cycling world through his investment in Q36.5, the Italian clothing brand which now sponsors Doug Ryder’s Swiss-registered second-tier pro team.

The successor to the defunct Qhubeka squad, the Q36.5 Pro Cycling Team was established at the end of last year with Glasenberg’s assistance and features veterans Jack Bauer and Gianluca Brambilla, as well as 24-year-old British rider Mark Donovan.

Pinarello was bought by investment firm L Catterton in 2016, though Fausto Pinarello – whose father Giovanni founded the company in 1953 – retained his position as managing director with a minority stake.

> "With a partner who believes in the project I think we could go a long way": Fausto considers getting back in the saddle at Pinarello

In February we reported that Fausto was considering buying the company back from L Catterton, and was looking for a partner to help fund his bid.

“It’s normal for a fund to want to leave after six years,” he said about the investment firm’s planned exit at the time.

“I’m giving it a little thought and with a partner who believes in the project I think we could go a long way. The sector works and we are happy. And I am more than willing to continue to pass on the tradition.”

It is believed that any takeover by Glasenberg would also include Fausto Pinarello in its plans, ensuring the family name remains embedded in the company’s prestigious 70-year history.

Ryan joined road.cc in December 2021 and since then has kept the site’s readers and listeners informed and enthralled (well at least occasionally) on news, the live blog, and the road.cc Podcast. After boarding a wrong bus at the world championships and ruining a good pair of jeans at the cyclocross, he now serves as road.cc’s senior news writer. Before his foray into cycling journalism, he wallowed in the equally pitiless world of academia, where he wrote a book about Victorian politics and droned on about cycling and bikes to classes of bored students (while taking every chance he could get to talk about cycling in print or on the radio). He can be found riding his bike very slowly around the narrow, scenic country lanes of Co. Down.

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9 comments

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Blackthorne | 9 months ago
1 like

So... riding for big oil and now diamonds, at what point does British team sky become entirely devoid of moral integrity?

Avatar
Rendel Harris replied to Blackthorne | 9 months ago
2 likes

Blackthorne wrote:

So... riding for big oil and now diamonds, at what point does British team sky become entirely devoid of moral integrity?

I think they passed that threhold quite some time ago.

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marmotte27 | 9 months ago
1 like

Venerable, iconic bike brand-(name shell) selling asian made carbon-bikes gets swept up in sports- washing operation...

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marmotte27 replied to marmotte27 | 9 months ago
0 likes

I didn't post this two days ago, and now it shows up in latest comments? What happened there?

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hawkinspeter replied to marmotte27 | 9 months ago
1 like

marmotte27 wrote:

I didn't post this two days ago, and now it shows up in latest comments? What happened there?

Probably your alter-ego. Have you noticed any missing time or strangers appearing to recognise you?

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perce replied to hawkinspeter | 9 months ago
0 likes

I've got an alter-ego as well.

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hawkinspeter replied to perce | 9 months ago
1 like

perce wrote:

I've got an alter-ego as well.

Ego and superego walk into a bar

Bartender folds their arms and says "I’m gonna need to see some ID".

 

I'm secretly a priest, but that's just my altar ego

Avatar
BIRMINGHAMisaDUMP | 9 months ago
1 like

This reads like - billionaire takes up cycling after retirement, goes to visits venerable bike seller in Italy to buy a bike, but buys the company instead. Fair enough.

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TheBillder replied to BIRMINGHAMisaDUMP | 9 months ago
0 likes

Victor Kiam all over again.

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