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by Dave Rome
May 5, 2020
The 66-year-old Colnago brand has been acquired by a privately-held Abu Dhabi investment company, Chimera Investments LLC.
According to Italian website TuttoBiciWeb, Chimera Investments purchased a majority share in the famed Italian business, with the now-88-year-old company founder, Ernesto Colnago, stating “Chimera Investments will give Colnago the ability to grow and increase its presence in all markets, whilst maintaining and improving the quality of Colnago products. We have a unique opportunity with the support of Chimera to ensure that we continue to build the world’s best bikes well into the future.”
A representative from Chimera Investments was full of praise for the Colnago founder.
“From all the fans of Colnago, we would like to thank the master of the design and invention of great bikes Ernesto Colnago, and we would like to follow his path and move forward in his legacy bringing Colnago to a bright future as no one else would,” the statement reads. “Mister Colnago will always be the Godfather and the guiding force of the new developments.”
The Italian company’s connection with the UAE isn’t new — the UAE Team Emirates WorldTour squad has ridden Colnago bikes since 2017.
Such acquisitions from investment funds are commonplace in the modern cycling world, and Colnago is far from the only iconic brand to earn new owners. For example, Colnago’s closest competitor, Pinarello, is under the ownership of the Louis Vuitton group.