Mining billionaire Ivan Glasenberg adds Italy’s iconic Campagnolo brand to racing bike empire

Open this photo in gallery:A worker adds decals to a bike frame at the Pinarello factory in Treviso, Italy. Mr. Glasenberg owns 92 per cent of Pinarello, one of the best-known makers of racing bikes.Fabrizio Troccoli/The Globe and MailIvan Glasenberg, the Swiss-South African mining magnate who ran Glencore plc for two decades, has added Italy’s legendary Campagnolo cycling brand to his portfolio of high-end sports investments. Campagnolo was founded in 1933, and its bike components, including drivetrains and wheels, dominated the international racing circuit for almost half a century before giving way to competitors. On Wednesday it announced it had secured a “strategic minority investment” to assist its development and innovation plans. But the company provided no details of the sale, and the news release did not mention Mr. Glasenberg. In an interview with The Globe and Mail on Thursday, Mr. Glasenberg said he had bought a “significant” stake in Campagnolo through his personal holding company, SPAC SA of Zurich. He would not reveal the price he paid or the exact percentage he now owns. The investment will hand him two seats on Campagnolo’s six-seat board but will leave control of the company in the hands of the Campagnolo family.“It’s a top brand in the bike racing world and it’s time to bring it back to its former glory,” he said. “We want to get more pro teams to use Campagnolo again. Now that the company has financial muscle, I think there will be more confidence in Campy equipment.”Open this photo in gallery:Since retiring from Glencore in 2021, Mr. Glasenberg has pursued his love of competitive sports, purchasing stakes in cycling equipment, fitness gear and sports nutrition companies.ARND WIEGMANN/ReutersMr. Glasenberg, 69, retired in 2021 from Glencore, which today has a market value of US$95-billion, making it one of the world’s biggest mining companies (it owns the Canadian nickel miner formerly known as Falconbridge and bought Teck Resources’ vast coal business in British Columbia in 2024). He still owns 10.5 per cent of the company. Instead of putting his feet up, he has pursued his love of competitive sports. He is an amateur bike racer in Switzerland and a former race-walking champion of his native South Africa. Since leaving Glencore, he has bought a majority stake in Q36.5, an Italian bike-clothing company; 92 per cent of Italy’s Pinarello, one of the best-known makers of racing bikes; almost half of Amacx, the Dutch sports-nutrition company; and 17 per cent of Italian fitness-equipment manufacturer Technogym, whose shares are listed on the Milan exchange. He and his colleagues also launched the Pinarello Q36.5 Pro Cycling team, which competes in the Grand Tour races, including the Tour de France, the Giro D’Italia and Spain’s Vuelta. Its star athlete is Tom Pidcock, a Briton who placed ninth overall in this year’s Tour and won two Olympic golds in cross-country mountain biking.Mr. Glasenberg began talking to Campagnolo two years ago. At the time, there were rumours the company was close to bankruptcy and needed financial help. Late last year, as its losses deepened, it reportedly eliminated more than 100 employees at its Italian factory (it also has a Romanian plant).Campagnolo was founded by Tullio Campagnolo, who was born in Vicenza, in northern Italy, in 1901 and raced bikes during the 1920s. His business became renowned for innovation and produced components that became the industry standard. Among them were the quick-release skewer, which allows racers to detach and attach wheels in seconds using only their hands, and an advanced version of the derailleur, a device that allows riders to change gears in an instant by moving the bike chain from one sprocket to another. Open this photo in gallery:Campagnolo equipment was popular among cycling's top racers, such as Belgian Eddy Merckx, left, riding during the Tour de France in 1971.-/AFP/Getty ImagesCampagnolo equipment was widely used among the sport’s top racers, among them Belgium’s Eddy Merckx, the most successful rider in the history of competitive racing, France’s Bernard Hinault and Greg LeMond of the United States. By the 1990s, Campagnolo was losing control of the market as SRAM of the United States and Shimano of Japan came on strong with better reputations for innovation and quality. Today, only one pro team, France’s Cofidis, uses Campagnolo on its bikes.Mr. Glasenberg said Campagnolo’s newest racing drivetrains, including the Super Record 13V, have given the company some needed momentum. His goal is to see its components picked up by the racing teams that spurned it decades ago. “Campy is an iconic brand that will come back alive,” he said. Campagnolo, which is now run by Davide Campagnolo, grandson of Tullio, said the investment “gives us additional strength to accelerate the company’s evolution while preserving the values, engineering culture and Italian identity that have always defined us.”