Amer Sports, parent company to Salomon, Arc’teryx, Atomic, and other brands, announced Tuesday that it has sold its ENVE Composites brand to PV3, a Utah-based private investment firm whose owners are avid cyclists.

The sale returns ownership of Utah-based ENVE Composites to the state after eight years under Amer Sports.

Amer Sports’ COO Michael Hauge Sørensen stated, “ENVE has gone through major changes in the past years. The brand has positive momentum, and we see that it has good potential. However, after a thorough strategic evaluation, we have concluded that the next phase of development should happen under new ownership. We believe PV3 is the most suitable owner for ENVE to realize and drive its next growth phase.”

Founded in 2007, ENVE is one of a small number of American-manufactured U.S. cycling brands. The company has been a leader in composite technologies for wheels, components, and bicycles, while partnering with many of the world’s best athletes.

ENVE moved into its Ogden, Utah headquarters in 2016. The 80,000-square-foot building houses engineering, R&D, manufacturing, sales, marketing, customer service, and finance functions.

“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.

ENVE’s general manager Mike Stimola was brought on by Amer Sports in January 2023 and will continue in that role. He said, “This is an opportunity to take ENVE to the next level through local Utah ownership. While the current bicycle market is challenging, ENVE is growing based on our product innovation and professional team partnerships.”

Closing is expected to take place in the next few weeks. The parties have agreed not to disclose the transaction details.