GOLDEN, CO (BRAIN)—Wayne Lumpkin, founder of Avid, has acquired majority interest in Spot Brand, manufacturer of mountain, cyclocross and commuter bikes and integrator and distributor of Gates Carbon Drive belt systems through CD Enterprises. Terms of the deal were not disclosed.
"I feel very, very fortunate that Wayne chose to become involved with Spot Brand," said Frank Scurlock, who will retain minority interest in the company. "He brings with him 20 years of innovation, brilliant designs and a level of business success that has rarely been seen in the bike industry. Wayne's passion for the sport is motivation in itself, and his passion is certain to propel Spot Brand to new levels of success in the very near future."
"Spot is a brand that I always felt had the 'right stuff' with tons of potential for the future," Lumpkin said.
Andrew Lumpkin, formerly of Avid, will lead the management team at Spot Brand.
Operations will continue in Golden, Colorado, and Spot customers should not experience any interruptions in business.
Both Lumpkin and Scurlock were unavailable for further comment.
Scurlock purchased Spot Brand in May 2006 from original founders Michael Golinski and Jessica Stein, who founded the company in 1997.
Although Maverick and Spot Brand share office space, there is no common ownership between the two brands, as Spot Brand's deal to buy Maverick last year fell through.