Cannondale bought by Dorel Industries
The Cannondale Bicycle Group has been acquired today by Dorel Industries for between US$190-$200 million. The deal also includes the purchase of Sugoi Performance Apparel. Dorel Industries, best known for the Cosco brand and Schwinn, GT and Mongoose cycle brands will run two distinct Recreational/Leisure operating divisions – the Cannondale Sports Group and Pacific Cycle.
The former will concentrate on selling top-end Cannondale, Sugoi and GT product, while the Pacific Cycle division will focus on ‘mass merchant customers’.
Jeff Frehner, new Cannondale Sports Group President said: “With Cannondale and Dorel’s resources, the sky is the limit. High quality, innovation and passion, this will be the DNA of our new division,”.
The new group will pursue new acquisitions of other high quality cycling brands. News of the acquisition sent Dorel’s stock up 7.59 percent.