Ivan Glasenberg nears deal to buy elite cycling brand Pinarello

Billionaire Ivan Glasenberg, the former chief executive of Glencore, is poised to acquire a controlling stake in elite bicycle maker Pinarello as he expands his stable of cycling interests.

The premium Italian brand was controlled by the Pinarello family until 2016, when consumer investment firm L Catterton acquired it.

Glasenberg is understood to be close to finalising buying a majority stake in Pinarello, according to several people familiar with the transaction. The deal values the company at roughly €250mn, one of the people said.

The mining magnate and athlete — a racewalking champion in his youth who nearly competed in the 1984 Los Angeles Olympics — has been investing in cycling since he stepped down as head of Glencore.

Glasenberg, who led Glencore for nearly two decades before his retirement in 2021, owns a 10 per cent stake in the mining company, worth approximately $5.4bn at today’s share price.

A keen cyclist himself, he has also invested in high-tech cycling clothing brand Q36.5, which sponsors a professional cycling team.

Founded in Treviso more than 70 years ago, Pinarello is today known for its carbon racing bicycles, some of which cost more than £10,000. Pinarello riders have won the Tour de France, cycling’s premier event, more than a dozen times.

Italian media reported that Glasenberg was seen visiting Pinarello this week.

L Catterton has close ties to luxury group LVMH and significant experience investing in fitness companies. The consumer investment group has previously backed the likes of connected-fitness group Peloton and leisurewear brand Sweaty Betty.

At the time of their acquisition of Pinarello, L Catterton said it aimed to expand the business globally, including by expanding business lines selling apparel and accessories. As part of that deal, chief executive Fausto Pinarello — the son of founder Giovanni — stayed on to lead the company at the time.

Glasenberg is in talks for a stake of about 80 per cent in the company, while Fausto Pinarello would retain a minority holding, according to a person familiar with the matter. 

Luxury sports brands are an appealing segment for private investors because of their relatively high gross margins.

Glasenberg’s interest was first reported by Italian newspaper Il Messaggero. L Catterton and Glasenberg declined to comment. The Pinarello company did not respond to an immediate request for comment.