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HONG KONG (BRAIN) — Covation Holdings Limited plans to expand into the Asia Pacific market with a new Hong Kong sales hub for its bicycle brands, which include Huffy, Royce Union, Niner, Batch, Buzz E-Bikes, and Vaast. The office will also represent Allite, the company's materials business.

The Canyon Future Mobility Project concept vehicle.

BRUSSELS (BRAIN) — Groupe Bruxelles Lambert, a Belgium-based investment group, has agreed to acquire a majority share in Canyon Bicycles. GBL was joined by Tony Fadell, a former senior vice president of Apple's iPod division and co-developer of the iPod. Roman Arnold remains the largest individual shareholder in Canyon, with 40% of its shares.

A worker builds a Saris trainer at its Wisconsin factory. Saris photo.

LONDON (BRAIN) — Besides the 25% tariff the European Union imposed on U.S. bike frame imports last month, which BRAIN wrote about last week, stationary bike trainers also got hit with the duty.

Tagged Tariffs
BFI founder and CEO Mark de Kwant.

KOPŘIVNICE, Czech Republic (BRAIN) — After more than a year of negotiations the Czech Republic bike manufacturer Bike Fun International s.r.o. has changed ownership.

Allied did a special bike for Rapha RCC's international members.

BENTONVILLE, Ark. (BRAIN) — Last year the bike industry escaped collateral damage from the long-running dispute between the European Union and the United States over commercial aircraft industry subsidies.

Tagged Tariffs
(l to r): Celestino Vercelli, Eddy Merckx, Edoardo Vercelli.

BIELLA, Italy (BRAIN) — Celestino Vercelli, a former pro cyclist and founder of Vittoria Cycling Shoes, has passed away at age 74, the company announced.

TAIPEI, Taiwan (BRAIN) — Merida, one of the largest bike makers in Taiwan and a significant investor in Specialized, posted third-quarter revenues of NT$7.3 billion ($256 million), down slightly from the NT$7.8 billion the manufacturer generated in the same quarter last year.

Tagged Earnings/Financial Reports

HAMBURG, Germany (BRAIN) — Trek Bicycle shut down its European Electra headquarters here on Tuesday and consolidated its functions at the Trek office in Switzerland.

HEERENVEEN, Netherlands (BRAIN) — Accell Group N.V. said its sales were up 38% between July and October compared to the same period last year. The company has revised up its forecast, now saying its full-year earnings before interest and taxes will exceed last year's EBIT.

Tagged Earnings/Financial Reports

MONTRÉAL (BRAIN) — Raymond Lanctôt LTD has signed a multi‐year agreement to distribute Mavic products in Canada.

KOBLENZ, Germany (BRAIN) — KKR & Co. and Carlyle Group are among the private equity firms looking at Canyon Bicycles, according to a Bloomberg report citing sources who asked to remain unidentified.

FRIEDRICHSHAFEN, Germany (BRAIN) — Organizers of the Eurobike trade show which had planned a down-sized event for Thanksgiving week this year, announced early Friday that the event will be canceled due to a coronavirus outbreak in the region.

Tagged Coronavirus / Eurobike / Tradeshows and conferences

GIRONA, Spain (BRAIN) —The Sea Otter Europe cycling festival has been canceled, but organizers said that some of the event's races will be held under stringent COVID-19 measures. The event was to have been held Sept. 25-27.

Tagged Sea Otter Classic
Company seeks to recapitalize as investor TSG Partners to exit.
Roman Arnold (left) with Armin Landgraf.

KOBLENZ, Germany (BRAIN) — Canyon Bicycles announced news on several fronts Tuesday.

TAIPEI, Taiwan (BRAIN) — Organizers of next March's Taipei Cycle show have added a virtual element to the event.

Tagged Taipei Cycle Show

LONDON (BRAIN) — Indoor smart bike maker Wattbike has received an investment of 11.5 million pounds ($14.8 million) from Piper, a UK-based private equity firm specializing in consumer brands.

Benno Baenziger (left) and Uwe Kalliwoda. Courtesy Benno Bikes.

DEL MAR, Calif. (BRAIN) — With Uwe Kalliwoda, Benno Bikes founder and managing director Benno Baenziger has brought an experienced industry player into the team, who after an extensive career and two-year time-out, will become an actively involved partner.

MONTRÉAL (BRAIN) — Louis Garneau Sports' proposed restructuring plan would allocate about $550,000 Canadian dollars ($418,000) to be shared by the company's unsecured creditors, who are owed about CA$12.8 million, according to official documents released this week.

BH Burgos mechanics pose in the new outfits.

(BRAIN) — Many brands use the upcoming Tour de France to show off their new products or team kit. FSA and Vision are using the opportunity to show off the apparel being provided to mechanics in teams the brands sponsor at the race.

Louis Garneau

SAINT-AUGUSTIN-de-DESMAURES, Québec (BRAIN) — Louis Garneau Sports, which filed for bankruptcy protection in March, is presenting a new debt-restructuring plan to its creditors. The company said it has lined up a group of investors who will help it relaunch and keep it headquartered in Québec. The company did not reveal the identity of the investors.

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