Just Two Bikes in Hugo, Minn. was acquired by the companys sales and marketing manager, Jim Dugelman, and Dale Hedstrand, president of Focal Point Financial Services. They have acquired the firm for an undisclosed sum from Jim Muellner, who founded JTB in 1993 and has been its research and design engineer. Under the new ownership, Muellner will continue on as design engineer and as a business consultant.
Moving forward, Hedstrand is board chairman & CEO while Dugelman assumes the role of general manager & COO. JTB manufactures and markets a side-by-side tandem recumbent bicycle called The Sociable. Hedstrand and Dugelman plan to keep the company's operations in the St. Paul, MN suburb of Hugo and expect to increase revenues by recruiting more dealers and representatives. The company will also be implementing new marketing initiatives focused on the special needs, rental, and retirement community markets.
