Chimera Investments, an Abu Dhabi investment fund, acquired a majority stake in Colnago, Italy’s high-end racing bike maker.
The company, which was founded in 1954 by Italian entrepreneur and inventor Ernesto Colnago, said on Twitter that its headquarters and the manufacturing plant will remain in Cambiago, about 20 kilometres north-east of Milan.
“Chimera Investments will give Colnago the ability to grow and increase its presence in all markets, while maintaining and improving the quality of its products,” Mr Colnago, 88, said.
“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.”
Chimera Investments said it will continue in the footsteps of Mr Colnago, the "master of the design and invention of great bikes".
"We would like to follow his path and move forward in his legacy bringing Colnago to a bright future as no one else would," it said.
Colnago, one of the biggest names in Italy’s cycling history, is known for its professional racing bikes and innovations in design.
The company's bikes have been ridden by cyclists who claimed victory at the Olympics, Tour de France, Paris Roubaix and Giro D’Italia.
Thirty cyclists from 13 countries in UAE Team Emirates are riding Colnago bikes this year.
The stake purchase in Colnago comes as Italy emerges from weeks of lockdown. The country was one of worst affected by the coronavirus pandemic.
As of yesterday, Italy had about 217,000 confirmed cases and more than 30,000 deaths, according to Johns Hopkins University, which is tracking the virus.
Measures introduced by European countries to slow down the spread of the virus have affected the cycling industry, with sporting events cancelled, factories closed and supply chains disrupted.