The Kumpen family has sold its stake in Ridley bikes to Ridley co-owner and CEO Jochim Aerts and an investment group. The names of the other investors have yet to be announced.
Ridley is the largest bicycle brand in Belgium. Last year, the Race Productions NV-owned brand experienced 25 percent growth with sales of €30million.
Ridley bikes founder and CEO Jochim Aerts said:
“I want to express my thanks for the many years of the Kumpen family’s positive, constructive and very pleasant cooperation. The support of a business angel such as Paul Kumpen has inspired me to be just a little more daring and given us the secure confidence that we can go further than our colleagues in the industry.
Anthony Kumpen, Ridley’s sales director, said: “12 years ago – thanks to my father as a business angel – I had the opportunity to take an active role in Ridley’s story. We are now at the top level in the professional pelotons of cycling – both on the road and off in cyclo-cross. We have managed to achieve good growth each year, with a growth of almost 25 percent last year and are aspiring to grow 20 percent this year."
Kumpen added: "My father never contributed to the company directly but thanks to his advice and experience, we often had the courage to take strategic decisions that have resulted in our continuing growth. I am immensely grateful to him for his unconditional support and the opportunity that he has given me."
Ridley is distributed by Sportline in the UK.