MONTREAL, February 4 - Dorel Industries has acquired Cannondale Bicycle Corporation and Sugoi Performance Apparel for as much as $US200 milllion in cash as part of a plan to expand its cycling business.
Dorel, which already owns Schwinn, Mongoose and GT through its Pacific Cycles unit, said Cannondale would be the crown jewel in a plan to become the world’s top indepedent bicycle dealer.
Montreal-based Dorel said it would seek other acquisitions to bolster its position in the bicycle market.
Cannondale and Sugoi are being purchased from an affiliate of Pegasus Capital
Advisors, which acquired the company in 2003.
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