DOVER, NJ (BRAIN)—Van Dessel Cycles’ founder Edwin Bull has purchased the company.
Since its comeback in 2004, a separate company that manufactures signs had owned Van Dessel Cycles. The decision to acquire Van Dessel Cycles came about when Bull took a hard look at the way the business was structured and realized that he had two options—walk away or buy.
"I needed to buy the business back because one day I woke up and had nothing left," Bull said. "So I put the cards on the table and announced that I cannot stay with the current structure. The other business owner stayed firm that he was not budging and so [I had] only two choices. The past two years have gone really well and the success and momentum has been very enjoyable. Not satisfied to walk away, I looked into the buying out option."
While Bull declined to reveal how much he paid for the company he founded in 2000, he did comment that the price would "buy a really nice house in many parts of the country." Once the purchase price was agreed upon, Bull anxiously went searching for money and found a substantial amount, which came from a surprise investor.
"My mother actually had most to do with deciding that I would take the plunge," Bull said. "I knew I needed to do this and continue but she was the one who whole heartedly supported me. I maxed out on the bank loans, which was nowhere near enough and my mother shocked me by coming up with a rather large contribution to actually make it possible."
Her investment extends beyond merely a financial one. Her maiden name, Van Dessel, has now become synonymous with a little-engine-that-could bike company that's grown at least 40 percent each year over the past three years. Current year-to-date sales boast a growth of 85 percent and what's in the works for the future promises to boost sales even more, Bull said.
"Next year I plan to keep doing what we're doing," Bull said. "I am really excited about new products down the pipeline, specifically our new Rivet—a carbon-wrapped, full carbon bike, complete with BB30 integrated bottom bracket and oversized headset bearings."