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Lake Cycling under new owners

Published February 9, 2012

EINDHOVEN, Netherlands (BRAIN) Feb 9, 14:13 MT— The Dutch owners of Lake Cycling have sold the shoe brand to Lake Cycling International B.V., a newly formed company also based in the Netherlands.

Christian van Asten and Bob Maas are the co-owners and shareholders of Lake Cycling International B.V. They financed the acquisition along with a loan from Rabobank. Van Asten declined to comment on the purchase price.

“The strategic option to create focus in a more stand-alone position, managed by a young and qualified team of managers/shareholders gives Lake an excellent position to grow,” said Manfred Krikke, owner of Phoenix International LLC, in a statement. Phoenix International LLC was Lake’s parent company.

Van Asten said in a press release that “management will fully exploit the international growth potential of Lake.” The company also said that the Lake brand name will be retained and that all the key employees stay on board.

Van Asten told BRAIN that the ownership plans to grow sales in emerging markets including South America and Asia. Lake shoes are sold in Germany, Spain, Italy, the Netherlands, the UK, Belgium, France and Scandinavian countries. Stage Race is its exclusive North American distributor.

“It’s our goal for the next months to see how we can develop and grow in the U.S. same as in Europe,” van Asten said. He also promised more on-time production and focus on high quality through a joint venture with its overseas supplier, HKM Ltd.

Lake Cycling, founded in 1982, markets a broad line of natural leather cycling shoes including heat formable and winter models. It has a small office in Chicago that handles logistics, production planning and customer care.

Topics associated with this article: Mergers/Acquisitions

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