Parlee Cycles was acquired by avid cyclist and independent investor John Harrison, according to a company release. The acquisition of the brand and 100 percent of its assets signals the end of the company’s Chapter 11 restructuring. The business will continue operating under a newly formed entity and renamed Parlee Composites, Inc., with Harrison assuming the role of president and CEO.
Parlee Cycles filed for Chapter 11 bankruptcy in February 2023 and, at the time, said the company would continue operating during the bankruptcy process. At the time, bankruptcy documents acquired by SGB Media showed a balance sheet with reported liabilities totaling $4.4 million and total assets totaling $2.6 million at the end of January 2023.
“Bob Parlee, the founder of Parlee Cycles, is broadly considered one of the leading designers and original masterminds of the carbon fiber bike industry,” the company said in a press release announcing the acquisition. “He has designed nearly a dozen award-winning and highly sought-after bikes throughout his storied career.”
Parlee will remain on the executive team as chief designer and turn 1his attention to the design and development of future models.
Harrison, as CEO, will focus on developing business operations and expanding sales and marketing. The existing employees will transition to Parlee Composites. The company “expects to begin hiring almost immediately to support the growth anticipated in 2024.”
Parlee Composites said it is “committed to fostering growth of the legendary brand through manufacturing innovation, expanding its global dealer network and introducing some exciting new models.” The organization will reportedly remain “dedicated to their global network of dealers and will make investments to ensure a frictionless experience through ordering, customization, fulfillment, and support.
“There are many thousands of Parlee fans around the world, and I am delighted to be able to shepherd the organization into this new era and continue to deliver products that delight our customers,” offered Harrison. “The scope of our plan is audacious. We’re simultaneously expanding the business and working on some truly amazing new projects that we’ll be excited to announce in 2024 and 2025”.
Parlee added, “We’re delighted to work with John. He has an enormous depth of experience in sustainably scaling small businesses. He’s already been engaged with the team at Parlee and is quickly making a positive impact on our operating effectiveness”.
Photo courtesy of Parlee Composites, Inc.
