Niner Bikes has sold their company to a group of private, Colorado-based investors who will infuse the company with cash to build R&D capabilities and improve competitiveness.
We spoke with Niner president Chris Sugai, who was a co-founder of the company and remains part owner, about the deal. He says the purchase brings on a team of investors who, collectively, have run several major consumer product brands and built them to $100+ million dollar companies. He also shared that while Niner has been profitable for many years, growing off revenues is a slower path than they’d have liked. With competitors like Santa Cruz now accessing deep pockets from PON Holdings (which also owns Cervelo and Focus), this deal will help them grow faster and have more resources at their disposal.
“We’re happy to have a partner that shares our vision for the future, one who enables us to take Niner’s products and services to new heights,” Sugai wrote in a press release about the deal. “I’ll still be directly involved in the day-to-day operations, working diligently with our incredible team to explore and push the boundaries of this amazing brand’s potential.”
Sugai told us there’s no interruption to business, bikes are in stock and shipping as normal, and the entire team of employees (at their new headquarters) and outside reps carries over.
