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Trek in talks to buy New Hampshire's Goodale's

Published July 24, 2020

NASHUA, N.H. (BRAIN) — Industry sources tell BRAIN that Brad Hill, owner of the three-store New Hampshire chain Goodale's, is about to sell the business to Trek Bicycles. Hill told BRAIN Thursday that he would have no comment.

However, several suppliers have confirmed that Hill is moving forward with the sales process and has signed a letter of intent. It's unclear when the deal would close. An executive at Specialized said he had talked with Hill about the sale. Another East Coast supplier also acknowledged that the sale was in the works. John Burke, Trek's president, recently met with Hill's staff.

The changeover could be a hit to the regional sales for non-Trek brands: Goodale's is a significant outlet for both Trek and Specialized bikes and accessories. The stores also carry Cannondale and Jamis. 

Goodale's attracts a steady stream of consumers from the Boston region, 46 miles south of Nashua. Hookset and Concord are also within easy driving distance from Boston's urban complex. The attraction? Sales tax. New Hampshire has no sales tax, while Massachusetts's tax is on most bike products 6.25%.

Hill, 66, bought Goodale's from the Goodale family in 1971. The store was founded by Walt Goodale in 1919. Hill later added the Hookset store in 1997 and the Concord outlet in 2005. In February 2019 Hill hosted a dinner for several dozen suppliers and friends to celebrate Goodale's 100-year anniversary.

Brad Hill at the 100th anniversary party.
Topics associated with this article: Mergers, Acquisitions & Investments

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