NBA star Lebron James has acquired a minority ownership stake in Cannondale, the Bethel-CT based manufacturer of high-performance bicycles.
James' ownership stake in Cannondale was not disclosed. Cannondale is is owned by Pegasus Partners II, L.P., a private equity investment firm based in Greenwich, Connecticut.
“Cannondale is one of the premier cycling companies in the industry,” said LeBron James. “Biking is an extremely important part of my training routine, and I like to invest in what I know.”
“Were very excited to have LeBron as an owner. In addition, LeBron is one of the worlds most accomplished athletes and we are proud to provide him with bicycles for his cross-training,” said CEO Matt Mannelly. “LeBron is an astute entrepreneur and investor who recognizes the quality of our products and value of our business, and he will certainly extend the awareness of the benefits of cycling to more people.”
Added Mannelly, “Cannondale is the brand of choice for cross-training athletes who are continually upgrading their performance in any sport and realize that cycling can contribute to helping them achieve their goals. There are many star athletes in other sports cross-training on Cannondales today because our bikes deliver a competitive edge.”
James has used Cannondale bikes in his summer “King for Kids Bike-a-thon” charity bike event in Akron the past few years and incorporated cycling into his offseason, cross-training workouts. For the 2006 bike-a-thon, the company designed and manufactured a custom bike for LeBron based on the Caffeine model design, which he has subsequently incorporated into his training regimen. LeBrons bike uses Cannondales 29er frame painted in team colors and features the companys Lefty fork and Si Hollowgram cranks. In addition, Cannondale donated custom Bad Boy bikes for athletes to ride at the event as well as bikes to be auctioned off to benefit the charity.
It is the latest venture for the 22-year-old and his business partners, who are also three of his closest friends. Last year, the group, LRMR, invested in a $4.7 million housing development in one of the city's roughest neighborhoods.
“LRMR is constantly seeking interesting investment opportunities for LeBron, who is a smart and sophisticated businessman,” said Maverick Carter, CEO of LRMR Innovative Marketing & Branding. “Cannondale is the perfect fit for LeBron and LRMR as we continue to invest in companies that are leading, cutting-edge brands.”
James, who has stated his goal is to be the world's first billionaire athlete, has endorsement deals with Nike, Sprite, Bubblicious and others totaling more than $150 million. He also recently launched a Web site in a partnership with Microsoft.
