Italian bicycle maker FIV Edoardo Bianchi SpA has acquired a significant minority stake in Sport Outdoor Leisure Australia Pty Ltd ( SOLA ), its exclusive distributor in Australia and one of Australia’s most prominent distributors of outdoor brands and bicycles.
The deal, consummated Feb. 15, aims to strengthen the presence of the Italian brand in Australia and New Zealand, according to a release posted on each company's website. The combination of Bianchi's Italian design and technology with Sola's experience and existing infrastructures will strengthen Bianchi's market share and relationship with the final consumer, the release state.
Salvatore Grimaldi, the Founder and CEO of the Grimaldi Industri AB (“Grimaldi Group”) and Chairman of Bianchi, traveled to Sydney last week to sign the agreement. He said his group has for some time been looking for a partner in the Asia Pacific region. He is confident that SOLA is the right fit and, with the combined experience and existing infrastructure, the business has an excellent future and will strengthen its commitment to its customers and principals.
“SOLA is excited to be associated with Bianchi, a world-leader in its segment and a brand enjoying a large and rich Italian heritage,” said Robert Gavshon, Chairman of SOLA. “The company’s balance sheet will also be strengthened, which will enable SOLA to grow organically and seize new opportunities”.
SOLA has been operating in the Australian cycle market for over 60 years, originally as a family owned enterprise, supplying clothing and helmets to Independent Bicycle Dealers (IBD’s) throughout Australia. SOLA now supplies major retail partners in Sporting and Outdoor channels in addition to existing long-term independent bicycle dealers.
In 2010, after a private equity firm aquired a 49 percent stake in it, SOLA Sport formed a subsidiary in New Zealand, SOLA Sport NZ, which distributes Bianchi, Cervelo and Dahon bikes, Netti clothing and accessory bike products, Serfas and Time. It also distributes Camelbak anf Fox Racing Shox.
