Ivan Glasenberg completed the acquisition of Cicli Pinarello from L Catterton.

Ivan Glasenberg, a South African business executive and former chief executive officer of Glencore, completed the acquisition of Cicli Pinarello, a premium road bikes, accessories and apparel brand, from L Catterton, a private equity firm. Financial terms were not disclosed. "With L Catterton's global platform and their expertise in fitness, outdoor, and luxury, Pinarello has grown its status as an elite performance brand at the apex of the cycling industry. Over the past seven years with L Catterton's partnership, we have built on our best-in-class R&D capabilities, bolstered by collaborations with the industry's top riders and organizations, creating a product set that remains consistently at the forefront of innovation. We have also achieved record revenues and are now poised for our next era of growth. I am very excited to continue the momentum that we have achieved, and this transaction will allow us to further elevate our company as the international leader in the high-end bike sector through ever-increasing investments in R&D focused on making industry-changing innovations around materials and products," Fausto Pinarello, Pinarello Chairman.