Industry News 7/8/2005

Cannondale Bicycle Corporation Acquires Sugoi

Cannondale Bicycle Corporation Acquires Sugoi
Transaction significantly broadens company’s apparel business

(July 7, 2005-Bethel, CT)  Cannondale Bicycle Corporation, a world leader of   high-performance bicycles and cycling apparel announced today that it has reached an agreement to acquire Sugoi Performance Apparel.  Sugoi, based out of Vancouver, Canada is a leading edge manufacturer of premium performance apparel for cyclists, runners and triathletes. 

Established in 1987 from humble basement beginnings, the Sugoi brand is renowned for its unparalleled commitment to combining innovative technology with superb design and fit.  Cannondale, which also began amidst modest surroundings in a loft above a pickle factory in 1971, has risen to become a recognized leader in the cycling industry on a worldwide basis.   The company shares Sugoi’s passion for continuous innovation and quality and has never wavered from this focus.

The acquisition significantly expands the growing apparel and accessories offering under the Cannondale umbrella.  The acquisition strengthens it’s presence in the cycling and triathlon market in addition to adding Sugoi’s strong presence in the running segment.  The company will capitalize on the significant heritage and strong consumer base of both brands in order to offer distribution of all products on a global basis. 

“This is a natural extension for us to join forces with a company that has a similarly rich culture and a heritage of proven innovation and performance,” said Matt Mannelly, President of the Cannondale Brand.  “ It is consistent with our mission of offering innovative products for consumers who want to improve their performance and enhance their athletic experience.”

“We are extremely pleased to become part of a company that clearly believes in our brand strategy, our commitment to quality and the spirit of innovation,” said David Hollands, co-founder of Sugoi. “The additional resources will allow us to rapidly expand our great Sugoi products to retailers and consumers on a worldwide basis”. 

Headquartered in Bethel, CT, Cannondale Bicycle Corporation has operations in Europe, Japan and Australia and distributes worldwide.   Headquartered in Vancouver, British Columbia, Canada, Sugoi Performance Apparel has extensive distribution in North America, Europe and Asia.  Both companies are privately held and the terms of the agreement are undisclosed.