Today February 3rd 2017, Rossignol Group, one of the world leading winter sports groups globally, has entered into a binding agreement to acquire Felt Bicycles.
Felt Bicycles is known globally for pushing the limits of technology. Felt designs and engineers its own propriety branded premium quality bicycles, framesets, components, and accessories, which are distributed directly or through its many global distributions partners. The company headquarters are located in Irvine, CA, USA. Felt Bicycles is an internationally recognized brand whose bicycles and products are currently sold in over 30 countries, with more than $60m of sales globally. Athletes on Felt products have won numerous national and international events including World Championships, Olympic gold medals, ESPN X-Games and other major world-stage competitions.
Bruno Cercley, CEO of Rossignol, declared: “For 110 years, our success has been continuously built on innovation, racing, and passion. From day one of our contacts with the Felt team, it became obvious we have great things to do together. Cycling is a very natural extension of Rossignol’s business, given its overlap in participating geographies, consumers and distribution channels as well as complementarity in seasonality. I am truly excited to add the Felt brand and know-how to the Rossignol Group. Rossignol and Felt teams share the quest for developing the best products in the world for providing the best experiences to outdoor consumers, and we look forward to expanding our cycling business together. While we will work at continuously strengthening the Felt brand globally, we will leverage our common expertise to launch a new range of Rossignol mountain bikes during 2018.”
Bill Duehring, President of Felt Bicycles, said: “It’s never been a better time to be part of the cycling industry – with more people than ever riding bikes to achieve their personal best in competitive events, improving their health or simply spending time with their friends and family outdoors. Felt shareholders are confident that this move will accelerate the development of the brand in this growing bicycle world. I'm incredibly excited about Felt Bicycles and Rossignol joining together. If you look at both companies we have a long history of supporting athletes, learning from our athletes and putting this knowledge into designing great cutting edge products. With similar consumers and markets, it's very exciting to think of the great things we can do together."
DC Advisory acted as the financial advisor to Rossignol Group and B. Riley & Co, LLC acted as the financial advisor to Felt Bicycles in connection with the transaction. Closing of the transaction is subject to customary antitrust clearance and expected to happen within the next 2 months.www.feltbicycles.com