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 combine Bianchi's Italian design and technology with SOLA’s experience and existing infrastructures to strengthen Bianchi's market share in Australia and New Zealand. Salvatore Grimaldi, the Founder and CEO of the Grimaldi Industri AB and Chairman of Bianchi, said his group had been looking for a partner in the Asia Pacific region for some time.
SOLA Chairman Robert Gavshon said the investment with enable his company “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 IBD’s throughout Australia. Today, the company also supplies major retail partners in sporting and outdoor channels. In 2010, after a private equity firm acquired a 49 percent stake in it, SOLA Sport formed a subsidiary in New Zealand, SOLA Sport NZ, to distribute Bianchi, Cervélo and Dahon bikes, Netti clothing and accessory bike products, Serfas and Time. It also distributes Camelbak and Fox Racing Shox.
