Financial terms of the transaction were not disclosed, but according to market sources the investment firm nabbed between 20 and 25 percent of the Danish company.
“Over the past nine years we grew from a successful start-up to a successful business, challenging the existing cycling market by focusing on creative design, uncompromising functionality, and a global diverse community,” said Pas Normal Studios’ cofounders Peter Lange and Karl-Oskar Olsen in a statement. “We are now proud to have entered in a unique partnership with Archive to further support our journey and ambitions.
, founded in 2016 by Gilda Ambrosio and Giorgia Tordini, in 2018. As reported, the brand posted revenues above 30 million euros in 2023, up from 27 million euros in 2022. That was swift growth from revenues of 5 million euros in 2018, the year Archive made its investment.