WILMINGTON, MA (BRAIN)—Sports Adventures International S.A., a newly formed Swiss investment group, has acquired Pedro’s from its parent company, Swix Sport USA.
The terms of the deal, which becomes effective May 1, were kept private.
Pedro’s chief executive officer Christopher Zigmont made the announcement Thursday at the Sea Otter Classic in Monterey, California.
“What can I say? The people at Sports Adventure International get it. They ride. They have the heart of cyclists with a level of business experience this brand has never known. Some marriages are destined for greatness and this is one of them,” Zigmont said in a prepared statement.
Sports Adventures International partnered with Pedro’s management team to acquire the company. Zigmont declined to comment on the ownership split between the two entities.
The Pedro’s purchase is the first acquisition for Sports Adventure, which was formed by Lars Hellsten and Per Dybwad just over a year ago.
Pedro’s has incorporated into a new U.S. entity as of May 1, which Zigmont will head. Under Swix, he served as the general manager of Pedro’s. Zigmont said all 14 Pedro’s employees will stay on board and he doesn’t anticipate any big changes in personnel or otherwise.
“The good news is Swix ran a healthy, profitable Pedro’s entity. In many ways, it’s business as usual,” he said.
For more on the Pedro’s acquisition, including background on Sports Adventures International, read the May 1 issue of BRAIN.
— Nicole Formosa