A blockbuster bike deal was announced this past weekend: the Dutch company Pon Holdings purchased Dorel Sports for $810 million. The deal is expected to be finalized sometime next year.
Dorel Sports is based in Montreal and owns Cannondale, Iron Horse, Caloi, Schwinn, and GT, among others. It previously owned the clothing manufacturer Sugoi, but sold the brand to Louis Garneau in 2018.
With the most recent acquisition, Pon becomes the biggest bike company in the world. Prior to the deal, Giant led with annual sales of $3.5 billion.
This isn’t the first time Pon has made news in Canada. In 2012, it shocked the industry when they purchased one of Canada’s most successful bike brands, Cervélo. The brand has become ubiquitous in pro racing: this year alone riders have won four stages at the Tour. Marianne Vos just won the first UCI CX World Cup on a prototype cyclocross bike.
Of course, as we know, brands such as Cannondale aren’t technically Canadian. It is based in Connecticut, but since Dorel’s purchase, we liked to think of it as an honorary Canadian bike company.
Pon already owns the massive Dutch brand Gazelle. With the latest deal, Cervélo, Gazelle, Santa Cruz, Cannondale, GT, Iron Horse, Schwinn and Caloi are all in the same company.
Pon has been on a buying spree lately: it made news just a few months ago when it bought Mike’s Bikes, the big Northern California bike store chain.
The deal was definitely good news for Cervélo; the former Canadian company still continues to be front-and-centre in the bike industry. Not only are its bikes under many top cyclists, Pon resources have put Cervélo on a secure footing. The Dorel deal could mean good things for the former honorary Canadian companies, Cannondale, GT and Iron Horse.
What’s next though? If Pon buys Marinoni, we riot.