SANTA CRUZ, CA (BRAIN)—Santa Cruz Bicycles has purchased Swobo outright, buying out Tim Parr’s minority interest in the company.
Parr said the two sides were working on “tweaking his role” where he would have stayed on board, but at the end of the day Parr decided the role just didn’t fit his aspirations and goals.
“I made a personal decision [to leave] on top of [the business decision that was made by Santa Cruz Bicycles]," Parr said. Parr added that he had a “good working relationship” with Santa Cruz Bicycles owner Rob Roskopp.
Santa Cruz Bicycles originally bought the company in 2001 from Parr. Swobo’s original founder Parr stepped back into the picture in 2004 as a minority owner. Swobo was founded in 1991 by Parr.
Swobo, originally built on its popular bike apparel, really came into its own when Sky Yaeger came on board as managing director in 2006, launching the company’s first bike line. The Northern California company’s single speeds and fixies became an instant hit with the urban crowd.
“Given the economic climate we were doing pretty well,” Parr said. “We were positioned well for the future.”
As far as Parr’s future is concerned, he said he’s in no rush to make a decision on his next move—and where it will lead him.
“I like the bike industry,” Parr said. “But what I really like are bikes” and getting more people on them.
Last September Swobo consolidated operations and opened up a new sales office in Santa Cruz, California, near its warehouse. In conjunction with the new office opening, the Sausalito, California office closed.
Parr can now be reached at email@example.com.