Posted by Editor on 12/24/11
Canadian bike company Cervélo has announced in a terse statement on its website that it has entered into a financing arrangement with the Dutch company PON Holdings BV. Further, it also said that PON has exclusive rights to purchase Cervélo. PON has been moving aggressively to make purchases in the bike industry in the past few months, buying Gazelle and 92% of Derby, the parent company of Raleigh.
It is no secret that, after riding high in the early years of the century, with a ProTour team and the reputation as the most aero bike in the peloton, it has lost some cachet as others such as Specialized (with the Shiv) have gained ground. One of the founding partners - Gérard Vroomen - has stepped down from day-to-day operations with the company.
The full statement: Cervélo has entered into a financing arrangement with PON Holdings BV. In addition, Cervélo and PON have signed a Letter of Intent that enables both parties to agree on a sale of Cervélo in exclusivity.
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