ALMERE, The Netherlands (BRAIN) — Pon Holdings, owner of several bike brands including Cervélo, Gazelle, Focus and Santa Cruz, has acquired lifestyle e-bike company Faraday Bicycles. The purchase price was not disclosed.
The addition of Faraday grows the Dutch conglomerate’s portfolio of e-bike brands, which include Gazelle, Focus and Kalkhoff.
Adam Vollmer, founder of Faraday, told BRAIN that the deal gives the 5-year-old startup the resources to expand globally into Europe and also the advantages that come with scale.
“It will help us grow faster,” Vollmer said. “As a small company, you have a lot of ideas and things you want to try out and you choose your battles. Here hopefully we can do more and be less inhibited in things we can try to promote e-bikes in the U.S.”
Vollmer, a product designer and engineer, launched Faraday in 2012. The company, headquartered in San Francisco, started with a prototype that was entered into a bicycle design and innovation contest, Oregon Manifest, in 2011. With a stylish design that concealed the battery between its double toptube, the Porteur earned accolades and prompted Vollmer to launch the brand on the Kickstarter crowdfunding site.
In 2014, Faraday shipped its first production bikes, and it now is sold through more than 90 bike dealers across the U.S. Last year Faraday launched its first step-through model on Kickstarter.
“The exciting news for us is the resources and stability we’ll be able to offer all of our dealers,” Vollmer said. “This will allow us to invest more in training, in ways we can work alongside our retailers to do sales and marketing promotions, and perhaps find opportunities to collaborate with Gazelle, Kalkhoff and other Pon brands to promote e-bikes to dealers in North America,” Vollmer told BRAIN.
Vollmer will remain as managing director and CEO of Faraday. And operationally, Faraday will remain autonomous, much like the other brands Pon owns.
Over the past five years, Pon has been on an acquisition spree as it builds up its bike division. The most recent acquisition was Santa Cruz in 2015, which followed Cervélo in 2012 and Derby Cycle (Focus, Kalkhoff, Univega, Rixe) and Gazelle in 2011. Its portfolio is made up of more than 10 brands.
In a press release, Pon Holdings said, “With its beautifully designed bicycles combined with high-end integrated electrical and connectivity solutions, the brand stands out in the market.”
Pon noted that it already successfully markets e-bikes in North America, but that “a strong local bicycle brand in the comfort segment is key to realizing its growth ambitions in coming years.”
“The combination of Faraday Bicycles’ innovative products and the advantages of scale represented by the international Pon organization increases both parties’ growth potential significantly,” the company stated.