Campagnolo has confirmed that a Zurich-based holding company operating under the name SPAC SA has taken a minority stake in the legendary Italian component manufacturer. The investment was described by Campagnolo as a “strategic” move aimed at securing the brand’s long-term future.
SPAC SA is reported to hold other positions within the cycling sector, most notably an interest in Pinarello. Despite the incoming investment, the Campagnolo family will continue to hold the majority of shares and maintain full control over the company.
According to Campagnolo, the deal is intended to reinforce the brand’s standing going forward by providing fresh capital along with strategic know-how.
What This Means for Campagnolo
Campagnolo’s recent challenges have been widely discussed across the industry. Once regarded as the most coveted name in cycling components, the brand’s market presence and influence have diminished over the years.
While its latest groupset releases—Super Record 13 and Record 13—have earned positive feedback from both riders and the press, the company still faces a significant climb back to its former dominance.
In its official announcement, Campagnolo indicated plans to expand its footprint in professional racing as well as its role as an original equipment manufacturer (OEM) supplier. The brand stated that the investment will assist in “deepening relationships” with leading bicycle makers while also helping to “modernise its operations and invest in the development of the Campagnolo and Fulcrum brands.”
Who Is Behind SPAC SA?
The mention of Pinarello connections has led to speculation that South African billionaire Ivan Glasenberg may be involved. Glasenberg reportedly owns a controlling interest in Pinarello as well as the Pinarello Q36.5 racing squad.
Should that prove accurate, it raises the possibility of riders like Tom Pidcock eventually racing with Campagnolo groupsets.
When approached for comment, Federico Gardin, Campagnolo’s group head of product and marketing, stated that the company was unable to discuss “the individual shareholders behind our investor.” However, Gardin did clarify that “Campagnolo continues to operate independently from the other investments of SPAC SA in the cycling industry.”
Full Statement from Campagnolo
Vicenza, 02 September 2026
Campagnolo, the Italian producer of high-performance drivetrains and wheels for road and gravel cycling since 1933, today announces that SPAC—following the execution of an investment agreement with Campagnolo’s existing quotaholder—will acquire a minority stake in the company through a strategic investment. Closing is expected within the next month, subject to conditions precedent customary for transactions of this nature.
This investment marks a significant milestone in Campagnolo’s evolution, bringing additional resources and strategic expertise to accelerate the company’s transformation and further reinforce 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 over 90 years ago, when Tullio Campagnolo founded the company in Vicenza in 1933.
The Next Chapter for Campagnolo
The cycling industry is experiencing a deep transformation. Technology, electronics and connectivity now play an increasingly vital role in product performance, while the expectations of riders, bicycle manufacturers and commercial partners continue to shift.
Campagnolo has been investing in this transition for several years. The introduction of the wireless Super Record 12V in 2023 was followed by a comprehensive redesign of the company’s groupset architecture, with Super Record 13V arriving in 2025 and the new Record in 2026.
The partnership with SPAC will allow Campagnolo to accelerate this journey and invest further in areas that are strategically important to its future.
The company will continue to strengthen its technological and product capabilities while building an increasingly agile, performance-driven organisation. 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 reinforce 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.
