Iconic Italian bicycle manufacturer Colnago is taking a new step forward after a United Arab Emirates-based investment fund acquired a majority stake in the company.

One of cycling's best-known brands, Colnago has been making race-winning road bikes since the 1950s, and founder Ernesto Colnago has been evolving his frames for over 60 years without compromising the best of Italian craftsmanship.

As Italy slowly emerges from the blockade of COVID-19, Colnago has announced that it will now operate under new ownership. The company's manufacturing facility and staff will remain at Cambiago, but strategic direction will be given to Chimera Investments LLC.

The Abu Dhabi-domiciled investment fund that acquired a majority stake in the company confirmed that it is now the owner of Colnago.

"Thanks to Ernesto Colnago, the master of great bicycle design and invention, we want to follow his path and move forward with his legacy that will give Colnago a brilliant future. Mr. Colnago will always be the Godfather and the guiding force behind new developments," the statement released Monday by the new owners reads.

The majority ownership from a wealthy Abu Dhabi investor will allow Colnago's designers and frame builders to focus on developing the brand's next generation of products. But it also marks the end of an era for the Italian design giant: 88-year-old Ernesto Colnago, who founded the company in 1952, may now be able to consider retirement.

From steel to aluminum and into the realm of composites, Colnago frames, forks, and wheels have always been considered the gold standard. Colnago frames have won some of the most respected classics and Grand Tours, and the investment from Chimera Investments LLC seems to support Colnago's future.