Assos, producers of high quality and technically sophisticated cycling apparel, announced that to help significantly broaden its reach and continue to invest in the brand, an investment consortium led by an avid cyclist and former lead owner of Black Diamond Equipment, Philip N. Duff, has agreed to purchase a majority interest in the company.
Other members of the consortium include, the TZP Group, a private equity firm lead by avid cyclists with deep luxury brand and health and wellness experience, whose investments focus on partnering with family owned and operated businesses, and Greg Avis, a current board member of the USA Cycling Foundation.
Roche Maier of Assos will also be a significant owner and continue in his management role as Createur, leading brand and product development and innovation at Assos, ensuring the Maier family will play a major role at Assos for many years to come.
To help run and carefully expand its business, Duff has agreed to become CEO of Assos.
“We are thrilled to have Phil on board as he has been an Assos customer for nearly 40 years and brings a wealth of experience to our business having been CFO of Morgan Stanley, President of Tiger Management, a founder of FrontPoint Partners, and lead director of Black Diamond Equipment. Partnering with Phil will allow me to focus on my core competence – the creative aspects of brand and our products,” said Maier.
“In addition, Phil introduced our family to TZP, who in addition to being a great capital partner, brings deep experience operating and investing in luxury brands. TZP Partner, Dan Galpern, built and lead, as COO, the Robb Report Family of Publications, which under his leadership grew from four publications to an international integrated media and event platform with fifteen ultra-affluent focused media brands,” Maier added.
“I have been a customer of Assos since Toni Maier changed athletic apparel with the introduction of the first Lycra cycling shorts in the late 1970’s,” said Duff. “I have only ridden Assos ever since. I am delighted to join a team
that has built a truly authentic brand – top cyclists building
innovative apparel for passionate cyclists. Roche and I plan to bring
the principles of ‘Sponsor Yourself’ to an expanding group of avid
cyclists around the world.”
Galpern added, “TZP is delighted to partner with Roche and Phil, as they have complementary skills. We have admired Assos as a brand for many years. We believe there is a significant business opportunity at the intersection of innovative, performance-driven apparel and luxury experience. This is the heart of the Assos motto: Suffer in Comfort.”