TORONTO, Canada (BRAIN) Feb 14, 14:10 MT—Cervélo's relationship status with Pon Holdings remains, to use Facebook terminology, complicated.
Canada-based Cervélo announced late last year that it and the Dutch conglomerate Pon had entered a "financing arrangement." As part of the agreement, Pon obtained right of first refusal to purchase Cervélo.
But nearly two months later, Pon has not bought Cervélo, Cervélo spokesman Mark Riedy told BRAIN on Tuesday.
"The deal with Pon is not yet complete," Riedy said. He indicated that reports of a sale in European media this week were not completely accurate.
Pon Holdings owns Derby Cycle, Germany’s largest bike manufacturer by sales, and one of Europe’s leading producers. Derby owns the Focus, Univega, Kalkhoff and Rixe brands. It also holds the license to sell Raleigh in much of mainland Europe, but is not otherwise affiliated with Raleigh in the U.K. or in the U.S. It also owns the Focus Bicycle Inc. in the U.S., Derby Cycle Australia, swissbike and NW Sportgeräte Vertriebs.
In October, BRAIN reported that Pon intended to set up an umbrella division in Cloppenburg, Germany, to encompass its bicycle industry holdings, including Derby and the Dutch brand Gazelle. Derby is currently headquartered in Cloppenburg.