Less than a year after co-leading the acquisition of the wholesale bicycle operations of Advanced Sports Enterprises in bankruptcy court, Tiger Capital Group has sold its stake in the newly formed BikeCo, to joint venture partner Advanced Holdings.
The bankruptcy court approved the joint venture’s winning bid of more than $23 million for the wholesale assets of ASE.
“Throughout the entire post-auction process, Tiger helped preserve our company while instituting key efficiencies to strengthen our business,” said Frank Zimmer, who was promoted from VP, Sales to president of BikeCo on August 1.
Zimmer, an 18-year veteran of the bicycle industry had been with ASE for the past 14 years. He is part of an existing management team retained by BikeCo to preside over the manufacturing, marketing and distribution of the Fuji, Breezer, Tuesday, and SE bicycle brands to a dealer network of approximately 700 independent bike shops throughout the United States.
“We are gratified to have arranged the creative financing structure and restructuring plan that shored up BikeCo’s balance sheet and enhanced its asset value. Most importantly, 43 jobs were saved, and these great brands are now positioned for success,” said Andrew Babcock, the tiger managing director who helped lead the deal’s financing.
