Pinarello set to be bought by billionaire former mining firm boss

Historic Italian bike brand Pinarello is close to being sold to billionaire former mining firm boss Ivan Glasenberg, according to reports.

Glasenberg holds a 10% stake in international mining company Glencore, where he was in charge for nearly two decades before he retired in 2021.

The Financial Times reports that sources close to the company say he is on the verge of finalising a deal to take a majority stake in Pinarello in a bid that values the Italian brand at €250m (£214m / $269m).

He is expected to take an 80% stake in the company.

Glasenberg is a keen cyclist himself and has already invested in clothing company Q36.5, which sponsors the Q36.5 pro team that counts the winner of the 2023 Classica de Almeria Matteo Moschetti and Brit Mark Donovan among its riders.

Italian media reports that Glasenberg was seen visiting the Pinarello headquarter in Treviso Italy earlier this week.

Pinarello, which was founded 70 years ago, remained in the hands of the Pinarello family until 2016 when it was bought by investment firm L Catterton. The investment company has also backed the likes of indoor cycling brand Peloton and leisurewear brand Sweaty Betty in recent years.

Fausto Pinarello, currently managing director of the brand, still has a minority share in the firm and would maintain one under Glasenberg’s plan, the FT reports.

Pinarello reported turnover rose 24% in the year to 30 June 2022, its most recent set of figures, to €84m (£72m / $90m).

The brand has been a long-time sponsor of the Ineos Grenadiers team, dating back to its inception at Team Sky in 2010. In that time the team has helped develop its top end road bikes with its current high end bike being the Dogma F, which was launched in 2021.

Our reviewer Simon Smyth said it was “the best Dogma yet”.

He added: “The Pinarello Dogma F seems to have put back some of the Italian style that the earlier, more data-driven Dogma F series bikes lacked.”

The brand recently also re-entered the mountain bike market, where Ineos team riders Tom Pidcock and Pauline Ferrand-Prévot race with its launch of the Dogma XC.