Bicycle Company ENVE Purchased by Amer for $50M in Cash
OGDEN — ENVE Composites has been bought up by a large international sporting goods company, but the Ogden-based manufacturer of high-end cycling accessories is staying in Junction City.
ENVE Composites LLC was recently acquired by Amer Sports Corporation, a Helsinki, Finland-based sporting goods company that operates subsidiaries like Salomon, Atomic, Wilson, Precor, Suunto, Mavic and Arc'teryx.
Amer announced the acquisition in a Feb. 22 press release, which said Amer purchased ENVE in a $50 million, all-cash transaction. ENVE, which makes carbon wheels, components, and other accessories for road and mountain biking has annual sales of about $30 million, according to the release.
“The acquisition accelerates Amer Sports Cycling business, especially in the United States, and provides further expansion opportunities internationally,” the release said. “ENVE brings capabilities in carbon technology, and it offers operational scale and synergy benefits complementing Amer Sports' cycling category.”
Amer’s North American headquarters are located in Ogden, along with its cycling subsidiary Mavic.
ENVE Chief Executive Officer Sarah Lehman said the merger will keep the two cycling brands as separate entities, but allow for collaboration where it makes sense, like in research and development and international distribution. ENVE’s senior management team will remain in place and Lehman will continue as CEO.
“This reconfirms our commitment to maintain our presence in Ogden,” Lehman said. “And it will also allow us to strengthen our brand globally. It’s a great day for Ogden.”
Lehman said Amer will facilitate ENVE’s upcoming move to West Ogden, where the emerging cycling company will serve as an anchor tenant in Ogden City’s 51-acre master planned business park, known as the Ogden Business Exchange. The park will be located northwest of the B Avenue and 24th Street intersection and will be geared toward the outdoor recreation industry.
Lehman said the move is expected to be complete before 2016 is over. ENVE currently operates out of a facility in the Boyer Business Depot Ogden.
Mayor Mike Caldwell said the company’s presence in Ogden is key, as the city continues bring other cycling businesses to the area.
“We think this drops the roots of both ENVE and Amer deeper in Ogden,” he said. “They have already made such a big impact on our community and we want to see that continue.”