A statement from Cannondale Bicycle Corporation said the company has reached an agreement to acquire Sugoi Performance Apparel. No financial terms were disclosed.
"The company shares Sugoi’s passion for continuous innovation and quality," said the statement.
"The acquisition significantly expands the growing apparel and accessories line under the Cannondale umbrella, as well as strengthens its presence in the cycling and triathlon market – in addition to adding Sugoi’s strong presence in the running segment. The company will capitalize on the significant heritage and strong consumer base of both brands in order to offer distribution of all products on a global basis."
Matt Mannelly, president of the Cannondale brand, said: "This is a natural extension for us to join forces with a company that has a similarly rich culture and a heritage of proven innovation and performance. It is consistent with our mission of offering innovative products for consumers who want to improve their performance and enhance their athletic experience."
David Hollands, co-founder of Sugoi, said:
"We are extremely pleased to become part of a company that clearly believes in our brand strategy, our commitment to quality and the spirit of innovation. The additional resources will allow us to rapidly expand our great Sugoi products to retailers and consumers on a worldwide basis."