C+A Global acquired Saris at a bankruptcy auction, the two companies announced in a press release yesterday. The New Jersey-based firm will restructure its new asset as Saris Equipment, LLC.
The companies agreed to the transaction after Saris announced in June that it was re-organizing under a voluntary debt consolidation program. Based in Madison, Wis., Saris opted for the state’s Chapter 128, which its circuit court system operates.
Founded in 1973, Saris built its reputation on hitch racks and trainers it manufactured at its Wisconsin facility. It also engineered public bike infrastructure solutions like work stands, racks, and e-bike charging stations.
C+A Global focuses primarily on acquisitions from its headquarters in Edison, N.J. The two companies pointed to C+A’s “proven experience purchasing and redeveloping manufacturing companies” in the press release.
C+A also “focuses on the design, manufacturing, and sale of a wide variety of consumer products,” per the press release. It leads with its electronics arm. The company’s portfolio ranges from photography equipment to Kodak photo printers, Ivation dehumidifiers, Lyxpro audio equipment, Sunny & Fun outdoor toys, and ArfPets products.
“Re-energizing Saris and maintaining its relationships are our highest priority, and we’re looking forward to having Saris successfully operating with fresh product lines as soon as possible,” said Chaim Piekarski, CEO of C+A Global. “C+A Global is perfectly positioned to build on this brand based on our successful experience understanding and selling products consumers want.”
The company claims a “significant presence” on direct-to-consumer third-party sales platforms like Amazon, Walmart, Target, Wayfair, and Chewy. By purchasing Saris, it said, it looks to enter a new product category with what it called “a loyal customer base.”
Saris said it will continue to offer its products through its retailers, specialty bike dealers, third-party e-commerce platforms, and its own website.
Transaction details had not become clear as of this writing. Nor had the futures of its estimated 124 employees.