Bicycle Retailer and Industry News - Mergers, Acquisitions & Investments

Wheels Mfg. acquires Mirrycle Corporation

DeanYobbi — Tue, 06 Jan 2026 19:44:30 +0000

LOUISVILLE, Colo. (BRAIN) — Wheels Manufacturing acquired accessory manufacturer Mirrycle Corporation, which includes the Incredibell brands. Financial details, including the purchase price, were not released.

A Wheels Manufacturing spokesperson told BRAIN Mirrycle will continue independent of Wheels with no leadership changes nor workforce reductions planned. Both company's operations will be consolidated into the Louisville offices.

"The priority is a smooth transition with no disruption to retailers (availability, fulfillment, warranty/service)," the spokesperson said. "We'll share timing details as they firm up."

The Boulder, Colorado, based Mirrycle Corporation began in 1979 when the handlebar-mounted Original Mirrycle Mirror was developed. In 1987, it introduced the Incredibell line of bells.

The Flagg Bicycle Group, which is led by QBP founders Steve Flagg and his wife, Mary Henrickson, purchased Wheels Manufacturing in 2019. Wheels Manufacturing manufactures service and repair parts, including derailleur hangers, bottom brackets, and specialty tools. The Flagg Bicycle Group also owns Terry Bicycle and Workstand (formerly named SmartEtailing).

"Mirrycle and Incredibell fit naturally into what we already do," said Wheels Manufacturing’s president, Dave Smith. "Both brands share our belief that small details make every ride better, whether that's a perfectly aligned derailleur hanger or a clear ring from a bell that keeps everyone on the path safer."

Accell sells Van Nicholas titanium bike brand to Italy's Velo-co

Steve Frothingham — Tue, 06 Jan 2026 17:02:29 +0000

MILAN (BRAIN) — Dutch conglomerate Accell Group has sold the titanium frame brand Van Nicholas to Italian cargo brand Velo-ce. Terms of the deal were not released; Accell bought Van Nicholas in 2011.

Velo-ce, which makes cargo bikes under the Veloe brand, said the acquisition will allow it to expand into the premium adventure and travel bike segment.

Velo-ce manufactures steel frame in its facility near Milan. It will now take over Van Nicholas frame manufacturing and bike assembly.

"Bringing Van Nicholas into the Velo-ce family reflects shared values: building premium bicycles in a low-emission, cost-efficient European facility," Anton Nijhuis, business developer at Velo-ce S.R.L.

"For sales, product, order status or custom configurations, we are ready to support dealers and consumers around the globe. Velo-ce has vast experience in made-to-order and customized bicycle configurations," he added.

Accell's remaining bike brands include Haibike, Winora, Ghost, Batavus, Koga, Lapierre, Raleigh, Sparta, Babboe, and Carqon, as well as the XLC parts and accessories brand. In a release, Accell said, "This sale streamlines Accell’s portfolio, removes overlap and ensures focus on brands with category depth, brand strength and geographic reach."

Michael Forte buys The Bike Shop List from Georger Data Services

Steve Frothingham — Tue, 06 Jan 2026 16:07:12 +0000

TUCSON (BRAIN) — Industry veteran Michael Forte announced his acquisition of The Bike Shop List, a source of bicycle shop locations and brand information across North America. Forte purchased the platform from Christopher Georger, who founded Georger Data Services over 25 years ago and launched The Bike Shop List in 2018.

Forte resigned his position as North America Planning, Strategy and Ecosystem Leader at Specialized Bicycle Components as of Jan. 2. Forte’s career, spanning over four decades in the bicycle industry, includes leadership roles at Rossignol Group, Felt Bicycles and Giant Bicycle.

Forte got his start in bicycle retail in 1985. He has served on the Bicycle Product Suppliers Association and PeopleForBikes Boards of Directors.

“The Bike Shop List has been a trusted tool for connecting the cycling industry for years,” said Forte. “I look forward to building on Christopher’s vision and ensuring that shops, brands and riders have access to the most accurate and comprehensive information available.”

The Bike Shop List was founded by Christopher Georger in response to supplier demand for an accurate retailer database. Under the Georger Data Services brand, Georger maintained a database of retailers identified by brands carried to help suppliers choose effective markets and locations for new stores.

“I spent decades establishing my Bike Shop List business,” Georger said. “My long-term friend and colleague Michael was my first choice to carry forward my work and serve the industry’s needs for current, accurate information.”

Forte said that under his leadership, The Bike Shop List will expand its reach and enhance its services for retailers, distributors and cycling enthusiasts.

Ex-Crankbrothers CEO leads group to acquire suspension company EXT

DeanYobbi — Tue, 16 Dec 2025 14:47:38 +0000

VICENZA, Italy (BRAIN) — Former Crankbrothers CEO Gaspare Licata leads a group of private investors that acquired a majority interest in Extreme Racing Shox (EXT), a manufacturer of bike and motorsports suspension systems.

Licata, Crankbrothers CEO for 10 ½ years, left the brand last month and has been working in the bike industry since 2009. The death of EXT founder and technical director Franco Fratton in April convinced former owner Katia Persico that a new investment and experienced leadership team was needed. As a longtime friend of Fratton and Persico, Licata stepped in.

"I've admired EXT's factory, engineering culture, and the people behind it for years," Licata said. "This acquisition allows us to build on that foundation with the flexibility and focus that a privately led structure enables. The company has untapped potential in both the bicycle and motorsports categories, and I'm committed to honoring its heritage while pushing it to fulfil that potential."

The investment will consolidate the partnership between existing shareholders and allow EXT to build on its engineering and legacy, according to EXT in announcing the news.

Under the new ownership, EXT plans to invest in new technologies, strengthen its global dealer and distributor relationships, and enhance supply chain capabilities. EXT will continue to serve as an R&D partner to leading motorsports racing teams and bring suspension solutions to market segments, including mountain bike, motocross, and e-moto.

"After Franco's passing, it became clear the company needed partners who understood both our values and the technical depth of the brand," Persico said. "While larger companies expressed interest, what mattered most to me was preserving EXT's technical excellence and relationship-driven approach. Gaspare and his team share that philosophy, which is why this partnership made sense."

MIPS acquires protection brand Koroyd

DeanYobbi — Fri, 12 Dec 2025 14:43:34 +0000

STOCKHOLM (BRAIN) — MIPS has acquired all shares of body and head impact protection brand Koroyd for 40 million euros ($46.9 million). Based in Monaco and founded in 2010, Koroyd will continue to operate separately under its current leadership team, said Max Strandwitz, MIPS president and CEO.

Koroyd's portfolio includes sport, motorsport, defense, industry safety, and child restraint systems. MIPS' technology extends to helmets for sports — including bike — moto, and safety.

Smith and Endura are among the brands that have sold bike helmets using Koroyd.

"Together, I am convinced that this combination will accelerate our diversification strategy," said John Lloyd, Koroyd founder. "Our technologies are naturally complementary and together form a platform that strengthens partners, delivers on the strong demand for both brands, and expands what is possible in protection. Above all, it's the shared values, collaborative mindset, and long-term vision that make this partnership a natural evolutionary step. This shared foundation makes the future extremely exciting, and I couldn't be more enthusiastic to be part of building it."

During the 2024-2025 financial year, Koroyd reported sales of about 11 million euros with an adjusted EBITDA of about 5 million euros. The purchase price amounts to 40 million euros on a cash and debt-free basis, with an additional earn-out of up to 25 million euros if certain performance targets are met. The acquisition is expected to be financed through available cash and a new credit facility.

In March, Fox selected Koroyd as its ingredient partner for its new Enduro Pro Knee Guards. In 2023, Koroyd moved into an expanded headquarters, including a research and development lab.

BGF makes multi-million-pound investment in Citrus-Lime

Steve Frothingham — Wed, 03 Dec 2025 18:06:03 +0000

CUMBRIA, United Kingdom (BRAIN) — U.K.-based capital investor BGF has made a "multi-million-pound" investment in bike retailer POS company Citrus-Lime.

Citrus-Lime's flagship platform, Cloud POS, integrates in-store and online stock management in real-time, payments and customer data into one connected system.

The company said the investment from BGF will support its "next phase of expansion, enabling further development of its technology and accelerating its domestic and international growth plans."

Neil McQuillan, founder and CEO of Citrus-Lime, said, "Independent bike dealers are at the heart of everything we do. Since launching Cloud POS, our focus has been to remove the everyday challenges that make trading harder, giving retailers the tools they need to work efficiently and confidently. The investment from BGF allows us to continue improving the technology and the support we provide to our customers, while expanding our reach globally.

"Our priority is to keep enhancing the platform in ways that make a real difference on the shop floor, simplifying workflows, improving visibility and supporting growth. BGF's backing means we can accelerate development, strengthen the support experience that underpins our success and bring the benefits of Cloud POS to even more retailers worldwide."

The deal was led by BGF investors Josh Bean and Courtney Walker. Bean said, "Citrus-Lime is a standout business with a growing and increasingly international customer base. It is highly scalable and addresses a clear market need, positioning the business for significant growth. We're backing an experienced leadership team and look forward to supporting Citrus-Lime as it enters its next phase of expansion."

BGF was set up in 2011 and has invested more than 4.7 billion pounds ($6.3 billion) in over 600 companies, making it the most active investor in the UK and Ireland. Its main shareholders are Barclays, HSBC, Lloyds and NatWest.

Spain-based management team acquires Felt Bicycle

Steve Frothingham — Thu, 20 Nov 2025 20:11:28 +0000

(BRAIN) — Felt Bicycles said its current management team and minority shareholders, Florian Burguet and Cesar Rojo, have entered into a purchase agreement with the Pierer Mobility Group to fully acquire the brand. The process of buying the brand started in 2023.

Pierer restructured last year and its assets have been acquired by Bajaj Mobility Group.

Burguet and Rojo have acquired Felt's global trademarks and its North American and Spanish operations.

Felt was founded by Jim Felt in California in the 1980s. He sold the brand to Rossignol Groupe in 2017. Rossignol sold it to Pierer in 2021.

In a recent interview, a Felt spokesman said the brand was focused on rebuilding its U.S. dealer base of specialty dealers and sales of competition-level products for triathlon, road and gravel. The spokesman said the brand will remain sold only by dealers, with no consumer-direct sales. The brand is also celebrating athletic success, including a win in the 2025 Ironman World Championships by Norwegian Solveig Løvseth, who also set the fastest bike split of the day on a Felt IA 2.0.

"As Felt approaches its 35th anniversary in 2026, our mission remains clear and unchanged: to build a high-performance bike business focused on a global network of expert shops, high-margin products, and authentic engagement with the core riding community," the company said Thursday after announcing the acquisition.

"From our headquarters in Barcelona, Spain, the two owners are steering Felt's evolution. On the commercial side, dealer partners remain our sole focus. By investing in infrastructure, systems, and logistics, Felt will continue to strengthen supply chain resilience, enhance dealer support, and elevate consumer experiences. On the product side, the pipeline is full of exciting developments," the company said.

US investors acquire Pedego; Urtopia to provide technical collaboration

Steve Frothingham — Wed, 19 Nov 2025 21:13:08 +0000

CEO says new partnership will lead to improved products and supply chain

Editor's note: the headline of this story has been updated to clarify the relationship between Pedego and Urtopia.

(BRAIN) — E-bike retailer and brand Pedego has a new owner: the U.S.-based ownership group behind Urtopia, a start-up e-bike brand that offers high-tech carbon fiber and connected e-bikes.

Larry Pizzi, the CEO of newly formed New Pedego Holdings Inc., said Urtopia will provide engineering and supply chain efficiencies and will allow Pedego’s licensed retailers to access high-tech models that complement Pedego’s existing product line. The partnership will also create engineering and supply chain efficiencies that will benefit both Pedego- and Urtopia-branded e-bikes, he said.

In 2021 Verlinvest, an investor group established by the shareholders in the international beverage group AB-InBev, took a majority share in Pedego, which was founded by Don DiCostanzo in 2008. DiCostanzo remained on the company’s board until Oct. 20 this year and is now unconnected to the company.

Pizzi, an industry veteran and co-chair of PeopleForBike’s e-bike subcommittee, celebrated his one-year anniversary with Pedego this week. Pizzi said Verlinvest decided this spring to exit its investment and he spent most of the year identifying a new buyer. He said he had interest from four potential buyers before settling on Urtopia.

Pedego and Urtopia had already been working together as Urtopia was one of a handful of third-party brands that Pedego dealers are authorized to sell to complement Pedego’s product line. Pizzi said Urtopia models appeal to a younger, more “tech-forward” buyer than Pedego-branded models, which appeal to an older customer.

“Fifty-eight dealers took on Urtopia and it was like magic: Store operators were saying, ‘it’s great, it’s not confusing (to the customer) because they can offer a distinct brand and curated experience that appealed to a different consumer.' So it was sort of like a great marriage that blossomed into more cooperation and discussion about an opportunity to acquire Pedego,” he said.

Urtopia was founded by Owen Zhang and backed by several rounds of private equity investments and a crowdfunding campaign. Pizzi said it was a strategic investment by the ownership group behind Urtopia and that Urtopia e-bikes will continue to be sold by independent retailers in Europe and the U.S., and consumer-direct online from Urtopia’s website. Meanwhile, Pedego will continue to offer its dealers Pedego-branded e-bikes, Urtopia e-bikes, and a small number of third-party brands.

Rebuilding dealer count

After reaching a maximum of about 220 dealers during the pandemic, Pedego now has about 120 following the post-pandemic slump. Pizzi said the company plans to begin a new push to grow its dealer count late next year, and is forecasting dealerbase growth in 2027-2029, with a goal of reaching 500 U.S. stores.

Pizzi said Pedego hasn’t launched a new e-bike model since 2023.

“We’ve got a lot of catching up to do to get in front of the market again,” he said.

File Attachment:

Pedego press release PDF

Ottolock sells brand and assets to manufacturing partner

Steve Frothingham — Mon, 03 Nov 2025 17:08:53 +0000

PORTLAND, Ore. (BRAIN) — OTTO DesignWorks LLC, the parent of the OTTOLOCK brand, has sold its brand and assets to Pacific Die Casting Corporation (PacDie), a long-time manufacturer for OTTO.

The brand will operate under the leadership of CEO Elizabeth Gubrud-Howe and Brand Manager Ben VanderZanden, the company said.

OTTO's founder, Jake VanderZanden, said, “This move will give the brand a shot of new fuel to keep innovating and growing. This is the perfect landing scenario for a strong future. I am confident that the PacDie team will make this brand bigger and better.”

Private-equity firm acquires UK's Whyte Bikes

DeanYobbi — Mon, 20 Oct 2025 11:54:38 +0000

HASTINGS, United Kingdom (BRAIN) — A Dublin-based private-equity firm announced Monday the acquisition of Whyte Bikes Ltd. and that the existing management team will remain.

UK-based Whyte Bikes will transfer 100% ownership to Causeway Capital, which calls itself a growth-focused private-equity firm investing in businesses in Ireland and the UK. The firm recently closed its second fund, Causeway Capital Partners II, with a focus on innovative small and medium-sized enterprises with sustainable growth plans.

Causeway Capital and Whyte Bikes say the collaboration will enhance the brand's innovation, dealer network, and key suppliers. With Causeway Capital's support, Whyte Bikes plans to extend its reach beyond the UK and further into continental Europe and globally.

"We knew from the start that the Causeway Capital team was a great investment partner for Whyte Bikes," said Whyte Bikes CEO Nikki Hawyes. "This new partnership is an exciting step forward, building on our 25-year history of producing high-quality bikes. We will enhance our product offerings, expand our global footprint, and invest in our brand. This will allow us to create even better experiences for our partners and riders worldwide. ...."

Whyte Bikes manufactures a wide range of models, including mountain bikes, e-MTBs, kids' mountain bikes, and commuter bikes since 1999.

"Whyte is a category-leading British brand built on design, engineering, and innovation," said Matt Scaife, Causeway Capital partner. "Wellness and outdoor recreation show strong long-term growth. The performance mountain bike market is accelerating, driven by technology innovation, and increasing participation among younger riders. We are delighted to use the first investment from Causeway Capital Partners II LP to back Nikki and the Whyte team."