Advanced Sports, Inc., which owns Kestrel, Breezer, Fuji and other bike brands, is buying the cycling components company Oval Concepts. ASI said it has purchased the Oval Concepts brand, trademarks and tooling and has entered into a license agreement for its patented JetStream and SCCS technology.
ASI, based in Philadelphia, currently owns the Fuji, SE, Kestrel and Breezer brands, and licenses Terry bicycles. This is the first non-bicycle brand purchased by ASI.
“We have been looking for a top-notch, branded parts and accessories line for some time,” said Patrick Cunnane, ASI. “Oval Concepts makes a lot of sense for us at this time its product-focused, high quality level fits in well with our other premium brands, Kestrel, Fuji, and Breezer, and is a great addition to our aftermarket product line with its aerodynamic technology and strong support from professional athletes.”
Oval Concepts sells handlebars, stems, aerobars, seat posts and other parts.
Morgan Nicol, the founder of Oval Concepts said, “I have worked with members of the ASI group for the past of couple years through our mutual sponsorship of the Fuji-Servetto Pro Tour team, various world-class triathletes and the Cycling Center in Belgium.
“I am honored that such a fast-growing, progressive company finds value in the Oval Concepts brand and I’m excited it will be able to grow along with ASI’s other brands.”
Silver Steep Partners served as the exclusive financial advisor to Oval Concepts.
