Rossignol Group, a leading winter sports groups, has entered into a binding agreement to acquire Felt Bicycles.
Felt Bicycles designs and engineers its own proprietary branded bicycles, framesets, components and accessories, which are distributed directly or through its global distribution partners. The company headquarters are located in Irvine, CA.
Felt’s bicycles and products are currently sold in more than 30 countries, with more than $60 million of sales globally.
Bruno Cercley, CEO of Rossignol, commented: “For 110 years, our success has been continuously built on innovation, racing and passion. From day one of our contacts with the Felt team, it became obvious we have great things to do together. Cycling is a very natural extension of Rossignol’s business, given its overlap in participating geographies, consumers and distribution channels as well as complementarity in seasonality. I am truly excited to add the Felt brand and know-how to the Rossignol Group. Rossignol and Felt teams share the quest for developing the best products in the world for providing the best experiences to outdoor consumers, and we look forward to expand our cycling business together. While we will work at continuously strengthening the Felt brand globally, we will leverage our common expertise to launch a new range of Rossignol mountain bikes during 2018.”
Bill Duehring, president of Felt Bicycles, said: “It’s never been a better time to be part of the cycling industry – with more people than ever riding bikes to achieve their personal best in competitive events, improving their health or simply spending time with their friends and family outdoors. Felt shareholders are confident that this move will accelerate the development of the brand in this growing bicycle world. I’m incredibly excited about Felt Bicycles and Rossignol joining together. If you look at both companies we have a long history of supporting athletes, learning from our athletes and putting this knowledge into designing great cutting edge products. With similar consumers and markets it’s very exciting to think of the great things we can do together.”
DC Advisory acted as the financial advisor to Rossignol Group and B. Riley & Co LLC acted as the financial advisor to Felt Bicycles in connection with the transaction. Closing of the transaction is subject to customary antitrust clearance and expected to happen within the next two months.
Photo courtesy Felt Bicycles
