South African Billionaire Ivan Glasenberg to Acquire Pinarello, the Italian Bicycle Maker
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Billionaires - June 11, 2023

South African Billionaire Ivan Glasenberg to Acquire Pinarello, the Italian Bicycle Maker

Ivan Glasenberg, South African billionaire, stands on the verge of completing an agreement to purchase Cicli Pinarello Srl (Pinarello), an esteemed Italian bicycle manufacturer. This acquisition forms a vital component of Glasenberg’s strategic endeavors to expand his wealth diversification beyond his holdings in Glencore.

Glasenberg, former CEO of Glencore has set his sights on the automotive industry, with a specific focus on expanding and diversifying his portfolio and leveraging his expertise by venturing into the world of high-end biking equipment.

Glasenberg’s acquisition of Pinarello is currently pending, with the esteemed bicycle manufacturer expected to be valued at around €190 million ($273 million) in terms of enterprise value, including debt and equity.

Pinarello is currently under the ownership of L. Catterton, a U.S. private equity fund managing assets worth $30 billion. Acquiring a majority stake in Pinarello back in 2017, L. Catterton enjoys the support of the renowned French luxury group LVMH Moët Hennessy Louis Vuitton.

The Pinarello brand boasts a prestigious legacy, with a history adorned by numerous accolades, including Olympic gold medals and victories in esteemed stage races, making it a renowned choice among top racers globally.

Pinarello bicycles have achieved remarkable success, notably conquering seven Tour de France races, two Giro d’Italia competitions, and one Vuelta, alongside numerous national titles and prestigious events like Paris-Nice, where the brand has demonstrated dominant performances in recent years.

Ivan Glasenberg’s net worth of over $7.8 billion

Ivan Glasenberg’s net worth of $7.83 billion places him among the world’s wealthiest individuals, ranking 283rd on the Bloomberg Billionaires Index. The majority of his fortune is derived from his 9.75-percent stake in Glencore, which is currently valued at $6.63 billion.

In addition, Glasenberg holds cash holdings of $1.2 billion, exceeding Pinarello’s enterprise value by a significant margin. His path to success commenced with an MBA from the University of Southern California, followed by a career kick-start as a marketer in the coal department of Marc Rich & Co. in South Africa.

After Marc Rich & Co. transformed into Glencore in 1994, Glasenberg played a pivotal role in its growth, eventually assuming the position of CEO from 2002 until his retirement in 2021. Notably, Glencore went public in 2011.

The impending acquisition of Pinarello marks an exciting new chapter for Glasenberg, expanding his business ventures into the automotive industry.

The imminent acquisition of Pinarello signifies an exciting new venture for Glasenberg, as he expands his business pursuits into the automotive industry.

With the billionaire entrepreneur diversifying his portfolio, the global cycling community eagerly anticipates the potential synergies and advancements that may result from the collaboration between the South African billionaire and the esteemed Italian bicycle maker.

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