Abu Dhabi fund, Chimera Investments LLC, has announced the acquisition of the majority of Colnago’s shares. In their statement, the fund, which is headed by Dubai’s royal family and also owns the UAE Emirates Team World Tour pro cycling team that is equipped with Colnago bikes, publicly thanked “Ernesto Colnago, master of the design and invention of great bikes,” and ensured that Mr. Colnago will always be “the Godfather and the guiding force of new developments”.
Ernesto Colnago, now 88 years old, will still maintain a small share in the company that he founded and that will continue to bear his name.
Via Colnago’s official Twitter profile, he declared: “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”.
With an annual sales turnover of around 22 million euros (A$36 million), Colnago exports 60% of its production. Interviewed by an Italian business newspaper, Ernesto Colnago declared, “We needed a partner who had the financial strength to grow and transform the Colnago brand and bring it to a larger market, like a multinational. Thanks to this agreement we will be able to guarantee continuity whilst ensuring a future for my employees too”.
The company’s headquarters will remain in Cambiago, Italy. Colnago was founded in 1954, making it 66 years old this year.
This story was first published in Bike Europe