Pinarello hope the partnership will help expand the brand’s global presence, with the aim of opening concept stores ‘in some of the most prestigious capital cities in the world’.

Fausto Pinarello said: “L Catterton’s unparalleled experience in building leading brands and deep understanding of the global consumer market make them the ideal partner for Pinarello.

“With even more passion than the one we have already dedicated so far, we will write a new page of the company story. It is still the story of our company which will continue to be led by the same team that made Pinarello the unique company it is now.

Michael Farello, managing partner of L Catterton’s North American Growth Fund, added: “With its rich heritage and outstanding management team, Pinarello has been generating double digit revenue growth for more than 10 years.

“We will build on that growth and success as we work to continue the rapid expansion of the Pinarello brand and legacy.”