Dorel Industries of Canada, owner of Cannondale, GT and other brands, is acquiring a 70 percent interest in Caloi, the Brazilian manufacturer of bicycles and bicycle equipment. Established in 1898 in Brazil, Caloi is one of the oldest and largest bicycle brands in Latin America. Caloi has an estimated market share in Brazil of more than 40 percent.
Caloi’s portfolio encompasses a full range of bicycles, from high-performance to children's models, including mountain bikes, urban, recreational and road bikes. Caloi’s products are distributed across the country through a variety of channels, from mass market to independent bicycle dealers.
Caloi employs 900 people at its various locations, including its head office in São Paulo, and its manufacturing facility in Manaus, which is the largest bicycle manufacturing plant outside Southeast Asia.
Brazil will become a production hub for Dorel. Caloi ́s factory in Manaus will assemble bikes for the company’s brands, such as Cannondale, Schwinn, Mongoose and GT to serve the Brazilian and export markets.
Dorel president and CEO, Martin Schwartz said: “This new partnership with Caloi positions Dorel as one of the largest bicycle companies in the world, as well as a leader of the Americas. We have built this segment into a billion dollar business in just nine years and see tremendous growth ahead."