NOVATO, CA (BRAIN) Feb 7, 11:58 MT—A new owner at Marin Bikes will allow the 26-year-old company to invest in "a little of everything," a company executive told BRAIN Tuesday morning.
Marin announced Monday evening that it had reached an agreement to be acquired by Minestone Ltd., a private investment group based in Central Europe.
Product and marketing manager Mark Vanek said the company will remain in Marin County and there will be no management changes. Founder Bob Buckley will continue as president; Tom Herington, who has been associated with the brand in various roles over the last 20-plus years, will continue in a full-time position, Vanek said.
Vanek said he expects the company to staff up and invest in several areas, including product development, branding and advertising. He said he was expecting no major changes in manufacturing or the supply chain.
Vanek couldn't say much about the new owners except that Minestone is a private group that does not own any other businesses that would align with Marin. "It's not like some other acquisitions recently where we would become part of another group. We will still manage ourselves."
In a statement on the company's website, Buckley said the new ownership would strengthen the brand.
“The acquisition of Marin by Minestone will allow us to strengthen our brand through increased investment in product innovation, marketing and human resources," he said.
"We will continue to operate from our Novato headquarters in Marin County, California, designing and testing on the trails and back roads that have inspired us for over 25 years and serve our network of valued dealers. I greatly look forward to accompanying our talented and dedicated staff during this exciting new phase in our company’s history.”
Marin was founded in 1986 in San Anselmo, California. The company sells nearly 90 models of road, mountain, city and kids' bikes through IBDs and select sporting goods stores in the U.S. and 46 other countries.