Pinarello billionaire makes an investment: Shares in Campagnolo purchased

The Swiss company Spac SA is acquiring a minority stake in the Italian manufacturer of groupsets and wheelsets. The transaction is expected to be finalised within the next month and is subject to the usual conditions for this type of deal. The Campagnolo family remains the majority shareholder and will continue to run the company, which was founded by Tullio Campagnolo in Vicenza in 1933. For the Italian manufacturer, this is a major step in selling a stake in the family business. In the highly competitive components market and against the backdrop of the industry crisis, the Italian manufacturer has recently been struggling.

Investor already holds shares in Pinarello

​Spac SA, based in Zurich, is a private investment company through which the South African-Swiss billionaire Ivan Glasenberg channels a large proportion of his strategic investments in sport and luxury goods. He has held a majority stake in the long-established Italian brand Pinarello since 2023. The company also owns large stakes in the Swiss cycling apparel manufacturer Q36.5 and its associated professional cycling team (Q36.5 Cycling Team AG). The fact that he is now also acquiring a stake in Campagnolo has sparked speculation that the companies may forge closer business ties. As demonstrated by the cycling team, this has resulted in a switch to Pinarello as the bike sponsor. Glasenberg, who was born in South Africa, is regarded as one of the richest men in the world. According to reports by Forbes, his fortune currently stands at 13.6 billion US dollars (approx. 11.7 billion euros). He is a keen triathlete and road cyclist.

Tough times for Campagnolo

The sale of shares is a move prompted by economic pressure. In the wake of the crisis in the cycling market, Campagnolo reported a significant slump in turnover and losses in the low double-digit millions for the 2024 financial year. Consequently, in 2025 there was even an announcement of massive job cuts in Italy. These were averted for the time being because the company agreed on an alternative plan with the trade unions. The solidarity plan provides for a flexible reduction in working hours. However, the company has expressly committed to keeping production in Italy.

Focus on electronics and connectivity

In a press release, Campagnolo cites the high costs of new technology, in which “electronics and connectivity are playing an increasingly important role”, as the reason for the sale of shares. Campagnolo has been investing in this transformation for several years. Following the launch of the wireless Super Record 12V in 2023, there was a complete redesign of the groupset architecture with the Super Record 13V in 2025 and the new Record in 2026.

The partnership with Spac is intended to enable Campagnolo to make further investments in strategically important areas. The company aims to expand its technological and product-related capabilities whilst building a more agile organisation. The plan is to strengthen relationships with leading bicycle manufacturers and retail partners, as well as to modernise operational processes.

The development of Campagnolo and Fulcrum

The company remains committed to both product categories and continues to develop drivetrains and wheels under the Campagnolo and Fulcrum brands. The investment is intended to drive the development of both brands. The company aims to strengthen its links with elite cycling and professional racing, which have always been central to the brand’s identity, innovation and credibility.

Independence from other shareholdings

Campagnolo will operate completely independently of Spac’s other investments in the cycling industry, including Pinarello. Relations with bicycle manufacturers and retail partners will continue on an independent basis, with the aim of building strong and sustainable long-term partnerships, according to a statement.

The Campagnolo family has expressed its satisfaction with the partnership with Spac. They say the investment provides additional impetus to accelerate the company’s development whilst preserving its values, engineering heritage and Italian identity. The family remains firmly committed to the company.