CARBONDALE, Colo. (BRAIN) — Adam Miller is back to lead the Revel Bikes' revival after announcing Wednesday the purchase of the company's assets. Miller, who founded Revel Bikes in 2019, returns after selling the company to the private equity firm Next Sparc in 2021 and departing three years later only to see it close last month.
Following his departure, Miller told BRAIN on Tuesday he took about six months off for cycling and woodworking before the itch grew to return to the industry he has been a part of since age 14 when he first worked at a bike shop.
"I've been in the bike industry forever," Miller said. "I loved it and I missed it. And then I saw the news that Revel was closing. I didn't want to see my company close. It was heartbreaking. It was horrible. We're going to get this thing back. I'm not going to let Revel go this way."
On April 17, Revel Bikes informed dealers in an email that it was closing. It owed more than $8 million to its bank and said it was unlikely to have any remaining funds to pay unsecured creditors. The email was signed by Ben Coates, Revel's CEO, and Matt Hoogenboom, sales manager. Miller purchased the company through an Article 9 sales transaction.
"Now that I actually have this deal done. I'm talking with all the vendors that Revel has worked with," Miller said. "I'm getting on a plane to Taiwan on Friday to work with each of our factories over there. A lot of those relationships I set up personally over my career and want to figure out how to work with them and do the best we can going forward."
Revel Bikes will shift from dealers selling complete bikes to a "premium direct-to-consumer company." Dealers will still sell frames, allowing for a custom build option. Complete bikes will be sold only through D2C. He expects to have fewer dealers in the fold.
"Most of us here worked in bike shops," Miller said. "I absolutely love bike shops, but at the end of the day, as a more boutique brand, our business model wasn't working well. I mean, it closed, as did many shops. A lot of the bigger brands require a certain percentage of SKUs and dollars from the retailers to go through that brand. So, as a more boutique company, it becomes more difficult, especially as sales are down, and there's discounting.
"How do we set this up to be the best experience for an end-user? Bikes are expensive. I've only been out of the bike industry for over a year until about a week ago, and when I started getting back into it, the prices are way higher and the tariffs are going to make that even worse with the 10% additional tariffs. So there's just not a logical business model that works for a boutique brand with standard margins for retailers."
To help with the tariff increase, Revel Bikes will also assemble in Taichung, Taiwan, in addition to Carbondale. This hybrid idea, Miller said, will allow for direct shipping from Taiwan.
"It helps us hedge against the tariffs," he said. "We'll be able to direct ship bikes from Taiwan directly to a customer in any country. So if a customer in Canada wants a bike, we'll ship it from Taiwan. If I had to ship from Carbondale, it just would not be reasonable with the pricing and tariffs, but it gives us the flexibility. As the tariffs and trade situation changes around the world, we have two locations that we can ship the products from."
Revel Bikes Taiwan is a wholly owned subsidiary with a staff of seven. The brand works with with carbon manufacturers mostly in Vietnam. Before the closure, the Carbondale location had about 25 employees. It now has eight.
All lifetime warranties will be honored and full customer support will be provided for all products. With a continued focus on carbon full-suspension bikes using Chris Canfield's CBF suspension platform, Revel Bikes also will continue manufacturing a carbon gravel bike and bring back its titanium models.
Miller founded Revel Bikes two years after founding Why Cycles, a titanium gravel bike brand. In 2023, he combined the two brands, and last year at the Sea Otter Classic, he announced he was stepping down from the company as industry veteran Coates took over as CEO and president.
Several new bikes were announced before the closure was announced.
- The Ritual, a 170mm travel enduro race bike with internal frame storage and an improved CBF platform, starts at $3,099 for the frame with complete bikes starting at $5,199.
- The ReRun, Revel's first e-bike using the Bosch SX motor, is available for pre-order now with a refundable deposit and will begin shipping to customers in July. Complete builds start at $6,999.
- The Rascal SL, an improved version of the bike that helped establish Revel, is said to be stiffer, lighter, and has a better carbon layup. It's available now with frames listing for $2,999 and completes at $4,999.
- The Ranger is available in two new colors with two build kit options and frames starting at $2,999.
Revel also is offering discounts on a limited supply of last year's model products. Its office will be closed during the last week of May but will take orders online and be back fully starting June 2. More details can be found at www.RevelBikes.com or by calling the company at 970-456-7336.
