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Sun 10 May 2020 02:05 PM

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Abu Dhabi fund acquires majority share in 'Ferrari of bicycles'

Thirty cyclists from 13 countries in UAE Team Emirates are riding Colnago bikes this year

Abu Dhabi fund acquires majority share in 'Ferrari of bicycles'

Thirty cyclists from 13 countries in UAE Team Emirates are riding Colnago bikes this year.

Abu Dhabi-based Chimera Investments has acquired a majority share in Colnago, the prestigious Italian racing bicycle manufacturer – known as the ‘Ferrari of bicycles’.

Founded in 1954, Ernest Colnago’s bicycles have carried cyclists to multiple victories in World Championships, Olympic Games, Tour de France, Giro d’Italia, Paris-Roubaix and more.

Thirty cyclists from 13 countries in UAE Team Emirates are riding Colnago bikes this year.

A Chimera Investments representative said: “From all the fans of Colnago, we would like to thank the master of the design and invention of great bikes Ernesto Colnago, and we would like to follow his path and move forward in his legacy bringing Colnago to a bright future as no one else would. Mr Colnago will always be the Godfather and the guiding force of the new developments.”

According to reports, Colnago boasts a turnover of around 22 million Euros ($24m) and exports 60 percent of its production.

Ernesto Colnago said: “Chimera Investments will give Colnago the ability to grow and increase its presence in all markets, whilst maintaining and improving the quality of Colnago products. We have a unique opportunity with the support of Chimera to ensure that we continue to build the world's best bikes well into the future.”

The company’s headquarters and production of its high-end products will remain in Cambagio, a municipality of Milan’s metropolitan area, in Italy.

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