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by Mark Zalewski
March 31, 2017
In today’s CyclingTips Daily News Digest: Durbridge narrowly takes TT win ahead of sprinters as Gilbert wins overall at De Panne; Kittel wins third road stage at Three Days of De Panne; Jones wins final stage of Tour de Taiwan, Prades takes overall; Kittel: Absolutely no doubt that disc brakes will play a role in the future of cycling; Flanders race jury president to focus on footpath riding infractions; Greg Daniel crashes at De Panne, revealing existing broken collarbone; Cookson insisted on contributing to report on British Cycling; UCI allows Tour of Turkey to postpone to the fall; Sagan criticised for push on Kemmelberg; Elinor Barker focusing on UCI Time Trial Championship in 2017; Rumours of Tour of Britain stages circulating; Acquisition of Pinarello by LVMH-backed private equity firm complete; Video: Cycling Chile and Bolivia – A wild adventure.
The investment fund L Catterton, part owned by Louis Vuitton firm, has completed its acquisition of the Pinarello company. Fausto Pinarello will remain the CEO and retain a minority stake in the business. His father Nani founded the business in 1952.
“I am extremely pleased to announce the closing of the deal today; it represents a new beginning,” Pinarello said in a statement.
“This investment aims at reinforcing the company, supporting the development and growth of the Pinarello brand at a global level.”
The bicycle brand has sponsored Team Sky since 2012, and has been ridden to overall wins at the Tour de France 12 times, more than any other.
There were reports that L Catterton was interested in acquiring the Rapha brand, which was formerly also a sponsor of Team Sky through 2016. Sky News recently reported that the board of Rapha has been meeting with investment banks with the goal of selling the company, but L Catterton was not mentioned.
Allegations of patent infringement by Pinarello were made earlier this year with Pinarello responding that the claims were unsupported.