Italian bike brand Pinarello could be sold to billionaire Ivan Glasenberg, according to reports.
The South African was previously the CEO at Glencore, one of the world’s largest commodity trading and mining companies before retiring in 2021. Although he still retains a 10% share in the business.
A report from the Financial Times (FT) says that sources close to the company believe he is in the final stages of a deal to take an 80% stake in Pinarello.
Glasenberg was reportedly seen visiting Pinarello’s headquarters in Treviso earlier this week to purchase a Bolide TT bike.
It is understood that his bid values the Italian brand at €250m, around £210 million.
A known cycling enthusiast, and former champion race-walker, Glasenberg already has investment in the cycling world through another Italian brand in Q36.5.
In 2021, he purchased around a 30% stake in the clothing company with plans to grow it into a big sportswear company.
Pinarello was founded in 1953 by Giovanni Pinarello and was bought by investment firm L Catterton in 2016.
The brand has retained ties to the family with Fausto Pinarello, currently managing director, owning a minority stake, something that is expected to remain after any potential takeover.
Earlier this year, Pinarello announced its return to the MTB market with the unveiling of the Dogma XC.
As part of the Italian brand’s renewed focus on MTB, Pinarello began developing the bike in autumn 2022 and underwent a period of testing with Ferrand-Prévot, Pidcock and the Ineos Grenadiers’ technical team.
Further testing is set to take place throughout 2023 with both riders continuing to be heavily involved in its development.
The Dogma XC is expected to be available commercially in March 2024 and there is a second, front suspension frame also being developed to meet the demands of other World Cup circuits.