Wayne Lumpkin, founder of Avid, has acquired Spot Brand, manufacturer of mountain, cyclocross and commuter bikes and integrator and distributor of Gates Carbon Drive belt systems through CD Enterprises.
Terms of the deal were not disclosed.
“I feel very, very fortunate that Wayne chose to become involved with Spot Brand,” said Frank Scurlock, who purchased the Spot company from founders Michael Golinski and Jessica Stein in 2006. “He brings with him 20 years of innovation, brilliant designs and a level of business success that has rarely been seen in the bike industry.”
Scurlock has retained an interest in Spot Brand and will continue his responsibilities at Spot Brand and CD Enterprises.
“Spot is a brand that I always felt had the ‘right stuff’ with tons of potential for the future,” Lumpkin added. Lumpkin’s son Andrew will lead the management team at Spot Brand. The Lumpkins founded Nuvo Vino in 2005, which specialises in wine thermometres.
Operations will continue in Golden, Colorado. Lumpkin sold Avid to SRAM in March 2004.