News
Part MBO at Pedro's
Carlton Reid Apr 17 2008, 11:09pm
Comments (3)
There's been a management buy-out - assisted with Swiss money - at the Massachusetts lubes-to-tools company
In news released at the Sea Otter Classic which has started in California, Pedro’s management say they have teamed with Sports adVentures International S.A. (SaVI) of Lausanne to acquire the Pedro’s brand from Swix Sport USA.
No terms have been disclosed.
Pedro's was founded iby Bruce Fina and Andrew Herrick in 1989, and sold to Swix Sport USA in 1997.
SaVI is an investment group with a focus in the health and activity sectors, and will assume ownership of the Pedro’s brand of cycling accessories on May 1st, with the management team as part owners.
Per Dybwad, one of the SaVI partners, said: “We are very excited to have acquired Pedro’s and believe that we together with the management team and the employees will be able to further strengthen Pedro’s position as a leading brand in its field.”
Christopher Zigmont, the new CEO at Pedro’s, said:
"Te people at SaVI ‘get it’. They ride. They have the heart of cyclists with a level of business experience this brand has never known."
Comments
“Pedros”
Posted by: Philip Hunt - Apr 17, 11:56pm
Que? Not sure what is happening here. Management speak.Not sufficient detail to sort wheat from chaff.I hope someone knows what this means, I don't. Please explain - in English.
“Re: Pedros”
Posted by: BigDutch - Apr 18, 10:48am
I'd say it means the company is now owned by the staff who helped build the company and a financial backer that has an interest in teh business sector rather than just financial reward.
“Re: Pedros”
Posted by: Bruce Fina - Apr 18, 4:21pm
What it all means is that we are working on Chapter 3 in Pedro's history. We are excited to be back in a small business way of thinking!