Pon Holdings has announced that it has acquired Cervélo Cycles, after successfully concluding negotiations that began last December.
Pon is a family-owned group of companies, employing 11,000 people, spread across 250 businesses in 20 countries.
Pon owns Royal Dutch Gazelle and is the majority shareholder of the German manufacturer Derby Cycle. Pon's bicycle companies are operated via the Pon Bicycle Group.
Janus Smalbraak, CEO of Pon Holdings, said:
"Cervélo is a unique brand that we are very pleased to bring into Pon Bicycle Group. The Canadian based company's state of the art technology and passion for pushing the limits of engineering has captured the imagination of cyclists around the globe.
"With Cervélo we believe there is great potential for growth and we are looking forward to working with them to achieve these goals."
Cervélo co-founders Phil White and Gerard Vroomen will both remain with Pon Bicycle Group. White will continue in his present role as Cervélo CEO. Vroomen will assume a part-time role as Business Development Manager within PBG, focusing on special projects for the Group.
"The opportunity for Cervélo within Pon Bicycle Group is tremendous," said White.
"The combination of Pon's considerable resources and expertise and Cervélo's cutting edge technology will make us stronger and more competitive."
From left to right - Xeno Grimmelt, Senior Vice President, Pon Bicycle Group; Phil White, CEO, co-founder, Cervélo; and Mathias Seidler, Chairman, Derby Cycle in Toronto as Cervélo joins Pon Bicycle Group.