CHATTANOOGA, TN (BRAIN) Tuesday May 1 2012 3:38 PM MT—Peter Hurley, currently CEO and president of American Bicycle Group, has acquired a majority interest in the company, ABG announced Tuesday.
ABG owns the Litespeed and Quintana Roo bike brands. Hurley has been with ABG since 2007.
After several tough years — which saw ABG lay off a quarter of its manufacturing force in 2009 and sell off the Merlin brand last March — ABG says it's now well positioned in the marketplace and has momentum with new products.
“With the continued consolidation in the industry, more and more brands being sucked up by these corporate entities, ABG will continue to have a real opportunity and freedom to innovate, push the envelope, and develop these premier boutique brands. There's not a person in this organization who isn't working toward that goal,” said Hurley in a statement Tuesday.
The company said that far in 2012, Litespeed and QR have experienced an 11 percent sales increase with current and new dealers. The brands' delaer base has grown 14% over 2011, they said.