BR&IN is reporting that Lake Rudd Capital Partners has completed an agreement to purchase Blue Competition Cycles from its founders, Michael and Jay Skop.
Word is LRCP will provide financial backing to improve infrastructure and management team, and fuel expansion beyond its claimed 30% annual growth over the past three years.
The company said its business has expanded in the U.S. and Europe by an average of 30 percent a year for the past three years. The agreement transfers ownership of Blue to LRCP, but they will retain most of the current employees.
LRCP is a private equity firm that invests in privately held and family owned businesses and is based in Providence, RI. Blue is based in Norcross, GA, and makes road and triathlon bikes. We covered their latest models at PressCamp earlier this year.
