World News Briefs – Founders Buy Back Kona, Enve Sold
Kona Goes Back to its Roots
Last month we reported here that the future of leading bicycle brand Kona was uncertain. Kent Outdoors bought Kona in 2022 but abruptly abandoned their stand at Sea Otter this April and then announced the brand was for sale.
On Monday 20th May Kona’s founders Jake Heilbron and Dan Gerhard announced that they had re-purchased the company they originally founded in 1988.
In an open letter to the industry released that day they said, “We founded Kona Bicycles in 1988 as a natural progression of our friendship, our ongoing working relationship, and our shared love of bikes. It was a wild ride, and when we sold Kona three years ago we believed that the new owners would carry our vision forward and continue to build great bikes, employ great people, and deliver on the promise of quality, fun and a little weirdness that had defined Kona for so long.
“When we stepped away from the business three years ago, we felt the next version of Kona would continue to grow and flourish with time. Recent history proved us wrong, and everyone in the cycling world knows how difficult the past 18 months have become.
“So, ring the bell and chime in the third chapter of the Kona Bicycle Company. A little older, and we hope wiser. A little bruised and battered, but still kicking and ready to take on what’s next in our story. The team that kept the flame alive is smaller but stronger, and the bikes that started development before the pandemic are ready to rumble.”
Kona is distributed in Australia by Groupe Sportif.
ENVE Sold to Utah Billionaire
Leading high-end carbon wheel manufacturer ENVE Composites has been sold.
On 30th April 2024 Amer Sports sold the business to PV3, a Utah-based private investment firm whose owners are avid cyclists and have been familiar with the brand for many years.
ENVE Composites was founded in 2007 and is one of a small number of U.S. cycling brands to have American manufacturing.
In 2016, ENVE moved into its Ogden, Utah based headquarters. The 8,000 square metre building houses engineering, R&D, manufacturing, sales, marketing, customer service, and finance functions that provide employment opportunities to the local community.
“We have confidence in the direction ENVE’s management team are taking the company and we want to continue building the brand’s legacy as a performance leader and U.S. manufacturer, while providing the necessary support for continued growth,” said Mark Hancock, Principal of PV3.
Amer Sports purchased Enve for $US50 million (A$75 million). Amer Sports is a diversified multinational sporting goods company with over 11,000 employees and brands including Arc’teryx, Salomon, Wilson, Peak Performance, and Atomic. At the time of purchasing Enve, they also owned Mavic, which they sold in 2019.
PV3 is the family holding company of Mark Hancock, an experienced and successful entrepreneur and cycling enthusiast. He’s made his fortune, which one report lists at US $1.6 billion (A$2.4 billion) largely through a medical company called the PACS group (post acute care) that has 32,000 employees.
ENVE is distributed in Australia by Groupe Sportif.