Sun Ringlé is a BMX and MTB wheel-set and hub brand.
Financial details of the private sale were not disclosed.
Rhonda Kirkwood, vice president and general manager at HB Performance Systems, will manage the new acquisition now named Sun Components under the companys Hayes Bicycle Group division. Bob Piecuch, former owner of Sun Metal Products, will continue to operate the business and report to Kirkwood.
Rand McNally, president and CEO of HB Performance Systems Inc. said:
We are proud to make Sun Metal Products the first acquisition of HB Performance Systems. Its a good example of how we plan to grow in the future. By bringing in complementary businesses it provides for a relatively seamless ownership transition and allows us to ramp up new product development because of the disciplined, technical processes already in place at HB.
Sun Metal Products was founded in 1946 when Ken-Jen Metal Products started production of tricycle seats. In 1948, Ken-Jen became Sun Metal Products and started a wire-spoke wheel line. In 1954, it developed wheels for lawnmowers, garden utility vehicles and stationary bicycles. In 1974, Sun Products began production of alloy rims for high performance, off-road motorcycle racing. By the early 1980s, half of the worlds professional racers were using Suns aluminum rims. In the 1980s, Sun also began developing high-end alloy bicycle rims. In the 1990s, Sun expanded production facilities in Indiana for high-end alloy rims, and built manufacturing plants in China to provide products for the growing Asian bicycle manufacturing industry.
In 1997, Sun Products purchased Ringlé Racing Components and increased product development for the Ringlé brand.
HB Performance Systems' net revenue was nearly $100m in 2004. Since 2000, the company has doubled in size.