Campagnolo has announced it has received a “strategic investment” from a Zurich-based holding company known only as 'SPAC SA'.
SPAC SA, which is said to have “other investments in the cycling industry, including Pinarello”, has acquired a minority stake in the historic Italian brand, with the Campagnolo family retaining control and majority ownership.
According to Campagnolo, this move is designed to help the brand “strengthen its position for the future” through an injection of “additional resources and strategic expertise”.
What does this mean for Campagnolo?
Campagnolo’s struggles have been well documented in recent years.
Having gone from being the most sought after component brand in cycling in decades past, it has seen its reach and influence wane in recent years.
Although its most recent groupset launches – Super Record 13 and Record 13 – have been well received by riders and media alike, the brand faces a long road back to prominence.
In its statement, Campagnolo suggests it intends to increase its presence in professional racing and as an OEM supplier.
The brand says this investment will help it “deepen relationships” with major bike manufacturers, and to “modernise its operations and invest in the development of the Campagnolo and Fulcrum brands”.
Who is behind SPAC SA?
The detail about Pinarello suggests there may be links to Ivan Glasenberg – the South African billionaire who reportedly owns a majority stake in the Italian bike brand, as well as the Pinarello Q36.5 cycling team.
If that’s the case, perhaps we’ll see Tom Pidcock riding Campagnolo groupsets at some point in the future.
When asked, Campagnolo’s group head of product and marketing, Federico Gardin, said the brand could not comment on “the individual shareholders behind our investor”.
Gardin did confirm, though, that “Campagnolo continues to operate independently from the other investments of SPAC SA in the cycling industry”.
Campagnolo’s statement in full
Vicenza, 02 Settembre 2026
Campagnolo, the Italian manufacturer of high-performance drivetrains and wheels for road and gravel cycling since 1933, today announces that SPAC – as a result of the execution of an investment agreement with Campagnolos’ existing quotaholder - will acquire a minority stake in the company through a strategic investment. Closing is expected to occur within the next month and is subject to conditions precedent customary for this kind of transaction.
The investment represents an important step in Campagnolo’s evolution and will bring additional resources and strategic expertise to accelerate the company’s transformation and further strengthen its position for the future.
The Campagnolo family will remain the majority shareholder and retain control of the company, continuing a family-owned entrepreneurial legacy that began more than 90 years ago, when Tullio Campagnolo founded the company in Vicenza in 1933.
The next chapter for Campagnolo
The cycling industry is undergoing a profound transformation. Technology, electronics and connectivity are playing an increasingly important role in product performance, while the expectations of riders, bicycle manufacturers and commercial partners continue to evolve.
Campagnolo has been investing in this transition for several years. The launch of the wireless Super Record 12V in 2023 was followed by a complete redesign of the company’s groupset architecture, with Super Record 13V in 2025 and the new Record in 2026.
The partnership with SPAC will enable Campagnolo to accelerate this journey and invest further in the areas that are strategic to its future.
The company will continue to strengthen its technological and product capabilities while building an increasingly agile, performance-driven organization. It will deepen relationships with the world’s leading bicycle manufacturers and commercial partners, continue to modernise its operations, and invest in the development of the Campagnolo and Fulcrum brands.
At the same time, Campagnolo intends to strengthen its connection with elite cycling and professional racing, which have always been central to the brand’s identity, innovation and credibility.
The ambition is clear: to combine Campagnolo’s extraordinary Italian engineering heritage with the technology, performance and capabilities required to play a leading role in the next generation of premium cycling.
Campagnolo remains fully committed to both drivetrains and wheels, continuing to develop high-performance products through Campagnolo and Fulcrum.
Independence and continuity of partnerships
Campagnolo will continue to operate entirely independently from SPAC’s other investments in the cycling industry, including Pinarello.
Relationships with bicycle manufacturers and commercial partners will continue on an independent basis, with the objective of building strong and sustainable long-term partnerships.
Looking ahead
For more than 90 years, Campagnolo has stood for innovation, engineering excellence, Italian design and some of the greatest achievements in the history of cycling.
This partnership is designed to build on these strengths and carry them into the future.
With the continued commitment of the Campagnolo family and the support of SPAC as a minority shareholder, Campagnolo is opening a new chapter in its history, with greater resources, a clear direction and renewed ambition to compete at the highest levels of global cycling.
The objective is simple: to make Campagnolo stronger, more innovative and more competitive, while remaining true to what has made the brand unique since 1933.
