Pedro’s management has teamed with investment group Sports adVentures International S.A. (SaVI) of Lausanne to acquire the Pedro’s brand from Swix Sport USA.
SaVI will assume ownership of the Pedro’s brand of cycling accessories on May 1, 2008 with the management team as part owners. Pedro’s designs and distributes bicycle tools, care products and accessories with attention to environmental sustainability.
“We are very excited to have acquired Pedro’s and believe that we together with the management team and the employees will be able to further strengthen Pedro’s position as a leading brand in its field.” Says Per Dybwad and Lars Hellsten, Partners of Sports adVentures International S.A.
“What can I say, the people at SaVI get it,” said Christopher Zigmont, the new CEO at Pedro’s. “They ride, and have the heart of cyclists with a level of business experience this brand has never known. Some marriages are destined for greatness and this is one of them.”
Pedro’s will emerge as a new US-based legal entity from May 1. The parties have agreed to keep the terms of the agreement confidential.
Pedro’s was founded in Newport, Rhode Island by Bruce Fina and Andrew Herrick in 1989, and was sold to Swix Sport USA in 1997. Herrick is now part owner of crankbrothers in Laguna Beach, California.