Pon Holdings BV has formed a bicycling unit to oversee its growing investments in cycling, which now include the Gazelle and Cervélo brands as well as those owned by Germany's Derby Cycle AG.



Pon, which has extensive automotive holdings and is among the largest family-owned companies in the Netherlands, has formed Pon Bicycle Business Group. The operations, which will be based in Cloppenburg, Germany where Derby Cycle is headquartered, will be headed by Xeno Grimmelt. Prior to taking the position, Grimmelt was working as interim managing director for Gazelle.  

The announcement follows Pon’s decision to invest in late December in the Canadian cycling brand Cervélo and its friendly takeover last fall of rapidly growing Derby Cycle A.G. of Germany.



In a brief announcement on its website Dec. 23, Cervélo reported that it had entered into a financing arrangement with PON Holdings BV, which included a signed Letter of Intent that apparently gives Pon right of first refusal to buy the Cervélo. In a subsequent post, Cervélo said it had experienced exceptional growth and success since its founding in 1995 and was exploring a potential sale of the company in quest to “continue to grow Cervélo without changing any of the things that make it special.”

Cervélo will continue to be based in Toronto, with the same team of people, with the same desire to engineer the best bikes on the planet,” the announcement continued. “It will stand by old products and create exciting new ones, starting with the new P5 which will be launched next month. Stay tuned.”