Apparel brand Assos of Switzerland has been sold to a consortium of investors, including the former CEO of ski brand Black Diamond. Assos was founded in 1976 by Tony Maier-Moussa, and until now has been a family-owned business.
Maier-Moussa created an aero road bike in the 1970s and, thanks to wind-tunnel testing of that bike and some woolen cycling shorts, went on to make "skin shorts" from Lycra. (Assos and Castelli vie with each other for which was the first to make Lycra cycling shorts.)
Roche Maier-Moussa, son of the company founders, will remain with the company. "This is not an exit," he said in a statement, "it's enabling me to focus on my core competance – the creative aspect of the brand and its products."
Phil Duff, formerly of Black Diamond, becomes CEO of Assos. The company has 70+ employees.