Former Vermont Teddy Bear President and CEO Elisabeth Robert has purchased a majority interest in Terry Precision Cycling, a 23-year-old New York company with US$7 million in sales.
"Liz brings her expertise as a business person and her enthusiasm as a cyclist to Terry Bicycles,” said company founder Georgena Terry. “Going forward, that will mean more Terry products available for the female cyclist through dealers, catalog, and web. It's the logical next step in the evolution of women's cycling."
Terms of the transaction were not provided.
Terry, a former mechanical engineer at Xerox, created the company when she couldn't find a suitable woman's bicycle. she built her own frames in her basement, and slowly grew the company to include clothing and accessories for women.
Terry is perhaps best known for introducing the Liberator cut-out saddle in 1997, a style that's been replicated by the industry. The company also sells women-specific steel bicycles, made in Wisconsin by Waterford Precision Cycles. Early Terry bikes came with a 700c rear wheel, with a 24-inch front wheel.
Terry and Paula Byba, vice president of marketing, will remain as equity partners, Robert said.
Robert plans to move the company's operations to Vermont by mid-November. She said that would bring 17 to 20 jobs to the state.
"I see it as a win-win," Robert said. "Georgena had a vision of it being a much larger company, but she had taken it to a certain point ... the brand is very popular, it's bigger than the business."
Robert was CEO at Vermont Teddy Bear for 13 years before stepping down in 2008. That company was founded in 1981, and handcrafts almost 500,000 teddy bears each year.
For more information, visit www.terrybicycles.com.