SBJ Capital Sells Troy Lee Designs to 2Ride Group

Mar 23, 2022
by Alicia Leggett  
Troy Lee Designs D4 helmet

Private equity firm SBJ Capital announced last week that it has sold Troy Lee Designs to 2Ride Group (2RH), the group specializing in the design and production of moto equipment and majority owned by Eurazeo, the largest private equity fund based in France, PE Hub reported.

TLD is known for its bold, distinctive aesthetic, and the California brand will round out 2RH's moto portfolio. TLD and 2RH will jointly develop new bike and moto products, leaning on TLD's success in the United States and 2RH's established presence in Europe to strategically expand the brands' global reach.

What will happen next is a "synergistic integration" of TLD into 2RH, which will be led by TLD founder Troy Lee, TLD CEO Jason Steris, and 2RH CEO Christophe Sicaud to combine the two brands' strengths.

bigquotesMany thanks to SBJ for partnering with me and our executive team to take TLD to this next level. I also want to thank my family who has persevered with me and helped make all of this happen. Over the past 41 years, it has been my dream and passion to create and design safety products and iconic graphic designs. I've had the opportunity to work with incredible artists and amazing athletes all over the world. With the 2Ride partnership, I am totally energized to continue the journey and expand my dream, and I couldn't be more excited for this next chapter to get started.TLD Founder Troy Lee

bigquotesI couldn't be more proud of what Troy, SBJ, and our management team were able to accomplish together. SBJ has been a supportive partner since day one, working alongside the team to professionalize the business and help us achieve this outcome. Joining the 2Ride Group is an exciting new chapter. The TLD and 2RH teams share a lot of the same values - a commitment and passion to deliver the safest, best-in-class protective products. This partnership will collectively make our businesses stronger, so that we can continue to elevate the TLD brand experience for racers and enthusiasts worldwide.TLD CEO Jason Steris

bigquotesIt doesn't seem that long ago that I first met Troy and we started talking about how to take his iconic racing brand to the next level while riding trails around Laguna. To realize that vision over the years and be a part of all the company has accomplished has been exceptionally rewarding for us at SBJ. We are confident that 2Ride and Eurazeo are the perfect partners for TLD and we can't wait to see all the business we'll continue to accomplish in the years ahead.SBJ Co-Founder and Managing Director Tom Barber

bigquotesWhat a ride it has been with Troy, Jason, and the rest of the team since we partnered together five years ago. The success they have achieved is a testament to the authenticity of the TLD brand and the design quality of the TLD products. We can't thank Troy enough for trusting us as his partner over the years and Jason and the team for working with Troy and SBJ to rapidly grow this iconic and enduring brand.SBJ Co-Founder and Managing Director Bill Jesse


Posted In:
Industry News


Author Info:
alicialeggett avatar

Member since Jun 19, 2015
738 articles

102 Comments
  • 159 0
 "synergistic integration" - who comes up with this wank?
  • 82 0
 It’s called the corporate BS generator.
www.atrixnet.com/bs-generator.html
  • 32 0
 wankers
  • 14 0
 Sounds more like a little known Depeche Mode album vs terminology supposedly used by mature adults..
  • 7 0
 @vw4ever: lol literally the 2nd generation and i got "synergistically integrate reliable products"
  • 6 0
 2RH·TLD=SBJ/CEO+CEO
  • 24 0
 Embarrassed to admit that I used the same phrase on a job interview....in 2006. Unfortunately I was hired.
  • 7 1
 That quote is probably the most important information and great news. Ill dumb it down.

"You guys do some stuff that we dont do, but we like the way you do it and it fits well with what we do. In fact we could use some of that magic to help us make better stuff."

Main difference here is they are coming out of being lead by a PE (team of analysts) and now are lead by a group that didnt buy them just to make a dollar out of what they do alone.

Congrats TLD. The end of the tunnel is in sight!
  • 11 0
 @noplacelikeloam: Sold by one PE to another PE: "majority owned by Eurazeo, the largest private equity fund based in France"
  • 9 0
 synergistic integration is achieve when corporate orifices are agreeably aligned in the boardroom
  • 3 0
 @noplacelikeloam: actually 2Ride is a holding company for one of the largest European Private Equity firms. Nothing has changed with this sale other than SBJ getting paid.
  • 1 1
 @JustinVP: Well dam it then. Sorry TLD. False start.
  • 1 1
 @salespunk: Agreed 100% Didnt know that. Thanks for the heads up.
  • 3 0
 on board as long as my kit remains so bright it looks like my pj's.
  • 8 0
 Whenever you see the word "Synergy" in a corporate buy out... it almost always equals to layoffs.

"Synergy" = "We will fire a lot of you".
  • 3 0
 putting the jizz, in synergyz
  • 4 0
 @steelpolish: yeah that's what I was gonna say. Pretty standard business stuff any more. Lay off a bunch of people, make the remaining people do more with less resources, decrease competition, increase the profits for a few. Rinse and repeat every few years.
  • 3 3
 @OCSunDevil: Sadly this is very true of PE in practice. Sadly most PE's don't have a sophisticated PMI team and process in place to effectively implement these Synergies they look to achieve. In any case, synergies vs scope economics are often confused and in any financially lead acquisition, true synergies are always compromised by the business case of the acquisition itself. Hence, within the US, 65% of acquisitions fail the business case which leads to the actions you describe. Its sad but there is a reason major business consultancies plan against the acquisition cost and several million dollars and months of work with teams in excess of 100 people in a rigorous PMI execution in order to avoid this.
  • 4 0
 This and greenwashing… welcome to 2022
  • 1 2
 Lol, from the same kind of people that convinced the MTB community they all NEEDED 29” wheels!
  • 3 0
 @vw4ever: typed in "looks like a session" and got: "interactively envisioneer go forward e-services"...
  • 2 0
 Sounds like this rockwell automations ad


www.youtube.com/watch?v=RXJKdh1KZ0w
  • 2 0
 @halr75: I think I threw up in my mouth a little
  • 1 0
 @noplacelikeloam: The irony is strong in this one!
  • 2 0
 When I started working in a technology company, the management always threw out words like "value proposition", "solution", "synergy", "value added", "enablement" ... I knew what the terms meant individually, but I never ever could parse out and understand complete sentences that were choc-a-bloc with this stuff. I always assumed that the problem was me and that the MBAs must have learned some holy secret in school and that they knew what they were doing. It took me 6 effing years to figure out that it _is_ just waffle. Then I quit and began working for a company that actually spent time making products instead of "enablement solutions" and could't have been happier.

I know the average PinkBiker can't read beyond 3rd grade [I joke, I joke]. But have a look at some of these terms to melt your brain!
www.newbreedrevenue.com/blog/marketing-terms
  • 2 0
 @vw4ever: That is actually hilarious
  • 36 0
 Is any company in the bike industry still privately owned at this point?
  • 41 0
 privateer probably
  • 6 0
 @AirdropBikes: hell yeah, been thinking about buying a filter
  • 11 3
 Trek and LOADS of smaller companies
  • 12 0
 Banshee
  • 2 1
 Giant
  • 5 1
 Evil
  • 4 0
 Cotic
  • 5 4
 @AirdropBikes: can you airdrop me one of your bikes?
  • 5 0
 @OzarkBike: Giant is publicly traded but it seems the founders still own a majority stake indeed. So it's not only one of the few brands that actually make bikes and not just put stickers on them, it's also one of the few not owned by VC or PE funds. Might be the only combination of the two among major players. Giant Bicycles: the ultimate mom'n'pop shop of the bike industry Big Grin
  • 32 0
 @AirdropBikes: I'll give you £800 for 20% of your business and together we can coordinate cross-platform, client-facing, strategic implementations to synergize the actualization of our architecture. Lets run it up the flagpole and see which way the wind blows. Ciao for now.
  • 31 0
 @TommyNunchuck: I'll circle back to you on that
  • 4 3
 Intense
  • 59 0
 *raises hand*
  • 1 0
 @5afety3rd: When has been Banshee bikes sold? To whom?
  • 4 2
 As opposed to publicly owned? All of them I presume. Unless you mean owned by a single individual or owner-operated?
  • 3 1
 @bashhard Specialized is still privately owned by Mike Sinyard
  • 1 0
 @fluider: been under the same umbrella as Cannondale and GT for close to a decade... assuming they’re PON now too.
  • 1 0
 @5afety3rd: That only says who manufactures frames for Banshee bikes brand. Ibis doesn't produce their frames neither but we can't say their producer owns Ibis.
  • 6 0
 @IndustryNineOfficial: This is hilarious. This is like a group of people hanging out on a basketball court getting ready to pick teams, and Michael Jordan raises his hand. Up till that point, no one noticed he was there.
  • 18 0
 @notu: we're here probably more than we'd like to admit...
  • 10 0
 @notu: if @IndustryNineOfficial get to be MJ, can we be AI?
  • 1 0
 @5afety3rd: @fluider
No mention of Banshee on Dorel Sports' website:
www.dorelsports.com/our-brands

Banshee's About Us doesn't seem to mention it either:
www.bansheebikes.com/about

Maybe @Banshee-Team cares to weigh in on that claim/aspersion...
  • 4 0
 Specialized is. No one wants to mention that one though....
  • 2 0
 Over here as well!
  • 1 1
 @wako29: Trek is owned by Roth Distributing Co... From what I can tell.
  • 2 0
 @dfbland: @wako29 www.inc.com/magazine/20060701/qa-burke.html
"[In 1959,] I took a job as credit manager of an appliance distribution company in Milwaukee, Roth Distributing. I was there a month when the president and sole owner dropped dead of a heart attack. I figured I was out of a job again. But some of the managers decided to try to reorganize the company. I understood finance so I became treasurer and a shareholder. If you go back in Trek's history, its original corporate charter was that company's." the late Richard Burke, Fmr Chairman, Trek Bicycle
I don't really understand what this means, but I don't think it means they're owned by Roth Distributing Co...
  • 3 0
 @Tjjones1214: Merida owns 49%. Now that Sinyard has stepped down I'm sure it's only a matter of time before percentages start to shift around or someone makes a big move.
  • 1 0
 @dfbland: Correct.
  • 1 0
 Pretty sure Cube Germany both makes bikes and is privately owned, not publically traded. They claim close to a million bikes a year. That is not small potatoes.
  • 1 0
 Propain
  • 4 0
 Orbea is employee owned. And transition sounds like they are based on their marketing. I wish more companies were employee owned. It spreads the profit with people that actually are doing the work, not some no-face equity firm.
  • 1 0
 yeah for sure
  • 7 0
 @Pit-Viper: Right back at you friend!
  • 2 0
 Canfield.
  • 1 0
 @turtletim3: Wait, Transition is employee-owned? They just shot to the top of my list for my next bike, all companies should be employee owned.
  • 1 0
 @charliewentoutside: Yeah that company is legit AF. Full of truly great people.
  • 22 0
 Will Justin Barcia be getting tighter pants?
  • 8 0
 can't top the TLD ANAL kit
  • 9 1
 Company that makes money, sold to company that likes to make even more money
  • 7 1
 Sounds good. Sucks to work for companies that dont make $.
  • 5 1
 @jrocksdh: I don't want to devolve into a debate on late-stage capitalism but most of these firms end up making more by paying you less, or firing you. Which also sucks.
  • 1 0
 A couple of weeks late on this news.

www.amcross.com.au/14996830/2ride-group-and-troy-lee-designs-form-partnership-to-bring-innovative-protective-products-to-two-wheel-and-outdoor-enthusiasts-globally?

I’m looking forward to getting a Shark road/adventure helmet with TLD designed paint. Shark’s XXL size (supposedly 63/4cm) is quite generous. They also have a 3XL listed in their size charts. Please let this mean there will be some more TLD lids (besides D3) available in larger sizes. *crossing fingers* Big Grin
  • 1 0
 Their customer service has gone to shit. 4 months and endless emails ( because they won’t pick up a phone over there ) because I bought new pads for my D3 helmet and aren’t sized and manufactured the same. Apparently the original pads in the helmet were wrong. So new ones don’t fit like the old. The liner is made different with padding and fabric in places it shouldn’t so now doesn’t want to sit right in the helmet and comes out when you take helmet off. Obviously a manufacturing issue. And two women I’ve been dealing with it there have no clue what’s going on. Sue Wakefield and now another woman named Alexandria. It’s like they are t even reading my emails and the over 14 photos I’ve sent them. My original helmet pads said small. So I ordered small and they are way too thick so super tight now. So they they send me another set of small. Same issues. Second woman chimes in and says “ since small pads were too big I’m gonna send you XS pads “ ‍♂️ good lord am I dealing with 14 year old slave labor over there ?! They don’t even understand how helmet figment works.

I’ll never buy another TLD product again. This has to be the worst customer service I’ve ever experienced. And they won’t talk to you over the phone. They are probably in some their world country now handling customer service. Can’t speak English and need an e-mail translation program. Never again TLD!
  • 7 3
 Guerrilla Gravity
  • 7 3
 owned by Park Hill Group private equity, no?
  • 3 2
 Nope
  • 1 0
 @missygiove420: are you saying GG is owned by Park Hill Group?
  • 8 0
 @Sammtb17: no, it's the Brian Park Equity Group
  • 9 0
 @skiboot1: I was thinking of calling it Parkstone.
  • 1 0
 www.linkedin.com/mwlite/company/park-hill-group

The revved industries LinkedIn is clearly associated with Park Hill Group which is PE. Also the website on their LinkedIn in the wrong URL which is pretty ghetto.

Also the executive chairman confounded Park Hill. It seems they sold out.

www.colorado.edu/business/leeds-directory/lawrence-thuet
  • 2 0
 @topherdagopher: He is the executive chairman, the company itself is still privately owned it is not owned by the park hill group but it is associated with the park hill group . Those who started the company are still the primary owners of Guerilla Gravity and still heavily involved in all operations of the company.
  • 1 0
 @Sammtb17: good to know! Thanks
  • 2 0
 Damn, I misread it... At first I saw 2 Live Crew! Now THAT would have made for some interesting paint schemes.
  • 1 0
 Yup. Same. Came here to say that.
  • 2 0
 and the bounce from one "largest private equity fund" to the next "largest private equity fund" continues...
  • 1 0
 Corpo talk for:
Select people will cash out and retire. Select people will be layed off. Cut costs and ultimately quality to maximize profit based on brand loyalty.
  • 1 0
 Hopefully they done make even worse, equally as disposable jerseys and gloves.
  • 1 0
 I synergistically integrated a big turd into my toilet bowl this morning...
  • 2 1
 TLD: Just keep making quality products, and you'll keep and expand your customer base.
  • 1 0
 Kinda strange, a year later, and TLD retail prices have gone through the roof...hmmmmm
  • 1 0
 Maybe they will make some pants that's could last an entire season
  • 1 0
 Looks like pit viper gear is my next buy.
  • 1 1
 ..
  • 1 2
 There goes TLD been a pleasure
  • 3 1
 Not necessarily. This may just allow them to expand a bit. And/or advance their technologies.
  • 4 0
 @onemanarmy: do you have outside plus? Lol
  • 2 0
 Nah, this group will likely be allowing even more funding to go to TLD.







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