CHATSWORTH, CA (BRAIN)—Currie Technologies has been acquired by Risk equity Partners, a California-based investment group.
“This acquisition provides numerous opportunities to strengthen Currie Technologies’ position in this space with strategic financial and management resources that were not previously available. It also provides an unencumbered path to bring exciting new technologies to market that will completely revolutionize the category,” said Larry Pizzi, Currie Technologies’ president. Pizzi will continue at the head of the new company which will operate from its existing location in Chatsworth, California.
One of the first companies to bring to market electric bicycles and electric scooters more than 10 years ago, Currie Technologies is also one of the largest suppliers of electric bicycles in North America. Pizzi said that the acquisition begins the most exciting chapter in the company’s history.
Last July, Currie Technologies filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code after losing a significant legal dispute with a large electric utility company, Central and Southwestern Corporation (CSW). The dispute dated back to 2001 when CSW’s subsidiary, Total EV–a distributor of electric vehicles, rapidly wound down operations after it was acquired by American Electric Power (“AEP”), adversely affecting Currie’s business.
Pizzi said today that although this was an unpleasant and difficult process, the company has never been in a better position to grow and prosper.
For more on this story, be sure to read the March 15 issue of Bicycle Retailer & Industry News.