Cannondale Acquires Sugoi For Undisclosed Amount

BETHEL, CT (BRAIN)--Cannondale Bicycle Corporation will announce today that it has reached an agreement to acquire Sugoi Performance Apparel. Both companies are privately held and the terms of the agreement are undisclosed.

The acquisition significantly expands the apparel and accessories offerings under the Cannondale umbrella. Sugoi strengthens Cannondale’s presence in the cycling and triathlon markets in addition to giving it a strong foothold in the running segment. Cannondale will continue to offer its own branded line of soft goods.

“This is a natural extension for us to join forces with a company that has a similarly rich culture and a heritage of proven innovation and performance,” said Matt Mannelly, president of the Cannondale Brand. “It is consistent with our mission of offering innovative products for consumers who want to improve their performance and enhance their athletic experience.”

Mannelly said the companies share similar brand equity and the company will capitalize on the significant heritage and strong consumer base of both brands in order to offer distribution of all products on a global basis.

“We are extremely pleased to become part of a company that clearly believes in our brand strategy, our commitment to quality and the spirit of innovation,” said David Hollands, co-founder of Sugoi. “The additional resources will allow us to rapidly expand our great Sugoi products to retailers and consumers on a worldwide basis.”

Headquartered in Bethel, Connecticut, Cannondale Bicycle Corporation has operations in Europe, Japan and Australia, and distributes worldwide. Headquartered in Vancouver, British Columbia, Canada, Sugoi Performance Apparel has extensive distribution in North America, Europe and Asia. Sugoi operations, management and staff will remain in its Vancouver headquarters and it will retain a separate sales team.

For more about the acquisition, read the August 1 issue of Bicycle Retailer and Industry News.