Pon Holdings, the parent company of Cervelo, will eclipse Giant as the world’s number 1 bike producer after announcing a takeover of the company behind Cannondale.
Pon will pay $US810M for Dorel Sports, the parent group of Cannondale, Schwinn, GT, Mongoose and a number of other brands.
CEO of Pon Janus Smalbraak said the step is a milestone in the creation of a world-leading bike company with a variety of quality brands.
“With the acquisition of Gazelle in 2012 we launched a strategy that led us to the 1.5 billion in revenue bike group that we are today,” he said.
“With great comfort and performance bicycle brands, of which 70% are electric. As a result of this strategy, we have now reached a highlight with the acquisition of Dorel Sports.”
He went on to say Dorel Sports would be complementary to Pon.Bike and that’s why it is such a logical step.
“Together we can further cater the ever growing demand for quality and electric bikes, whether it’s for urban use, leisure or sports,” he said.
“Cycling is not only healthy, it also plays a critical role in fighting inner-city congestion. It’s one of the most sustainable ways of transport. We are determined to make bikes a powerful part of mobility.”