NEWS HUB
Silverfish UK secures funding for growth from Connection Capital
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ilverfish UK has announced that Connection Capital has come on board as an investor to accelerate the next phase in the distributor’s growth. The investment by Connection Capital, along with its
expertise, will enable Silverfish to unlock further growth for its existing brand partners. It will facilitate investment in leading customer support infrastructure to better serve its retail
customers, and will help realise its shared ambitions around European expansion and attracting new highly desirable brands. Silverfish founder Darren Mabbott said: “This investment marks an exciting new chapter for the business and one which I think will open up numerous opportunities for our brand partners, retail customers and the talented team at Silverfish.” Mabbott will remain actively involved and will be supported
by newly appointed managing director Matthew Osborne, who joined the business in 2015 as general manager, and by Michael Coupland, who will act as investor director on behalf of Connection Capital. ■
SRAM acquires cycling technology company Hammerhead
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Dorel completes sale of sports segment to Pon Holdings
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orel Industries has completed the previously- announced sale of Dorel Sports, its bicycle segment and owner of Cannondale, GT and other bike
brands, to Dutch mobility group Pon Holdings for $810 million, representing approximately CAD $1.03 billion. At closing, Dorel said it received net proceeds from the sale of approximately $735 million, which it will use for payment of a special dividend of $12.00 per share. The transaction consisted of the sale by Dorel of 100% of the shares of its indirect wholly-owned subsidiary companies, comprising Dorel Sports as well as certain related assets. Pon Holdings has now expanded its bicycle focus, adding
the Dorel bike brands alongside its existing bike-builders, including Cervélo and Focus. “We are very pleased to have completed the sale of Dorel
Sports to a great company like Pon,” said Martin Schwartz, Dorel president and CEO. “On behalf of the board of directors, I again thank the
Dorel Sports team for their commitment to Dorel and their great achievements. We believe that with this sale, Dorel has realised full value for Dorel Sports, for the benefit of Dorel and our shareholders.” ■
RAM has aqcuired New York-based tech company
Hammerhead, maker of the Karoo 2 cycling computer. Hammerhead will join SRAM’s portfolio of brands and will continue to develop its Karoo product line after the companies completed the transaction on 30th December 2021. “Hammerhead is an amazing brand with award-winning
products, and we do not plan on changing anything about how they innovate,” said SRAM VP of growth Clint Weber. “We are excited about this acquisition and excited that their team will continue to design, manufacture, and sell technology and quality leading head units that work with every brand of drivetrain.” Hammerhead will remain a stand-alone brand within the SRAM portfolio, allowing the brand to continue to build upon its innovative product. Together, SRAM and Hammerhead will continue
to develop an innovative cycling technology platform ensuring riders can seamlessly integrate with a wide variety of existing hardware and software products and services, including both Shimano and SRAM electronic shifting systems. East Wind Advisors advised Hammerhead on this
transaction. Consumers, dealers, and distributors will continue to utilise Hammerhead’s traditional communication channels for sales, service and warranty. ■
www.bikebiz.com
February 2022 | 11
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