ALMERE, Netherlands/TORONTO, Canada (BRAIN) Feb 17, 1:00 MT—Pon Holdings announced today that it has finalized negotiations that began in December to acquire Cervélo Cycles.
"Cervélo is a unique brand that we are very pleased to bring into Pon Bicycle Group (PBG). The Canadia- based company's state of the art technology and passion for pushing the limits of engineering has captured the imagination of cyclists around the globe," said Janus Smalbraak, CEO of Pon Holdings. "With Cervélo we believe there is great potential for growth and we are looking forward to working with them to achieve these goals."
Cervélo will continue to operate independently, retaining its identity, innovation and premium brand positioning, Pon said in a press release. "This is the same strategy Pon employs with its other PBG properties, Royal Dutch Gazelle and the German manufacturer Derby Cycle where Pon is a major shareholder," Pon said.
Cervélo co-founders Phil White and Gerard Vroomen both remain with Pon Bicycle Group. White will continue in his present role as Cervélo's CEO. Vroomen will assume a part-time role as business development manager within PBG, focusing on special projects.
"The opportunity for Cervélo within Pon Bicycle Group is tremendous," said White in a statement. "The combination of Pon's considerable resources and expertise and Cervélo's cutting-edge technology will make us stronger and more competitive."
Pon, based in the Netherlands, is an international trading and services company that employs almost 11,000 people spread across 250 establishments in 20 countries.