ASI raises $7 million in private stock sale, plans Performance Bicycle expansion
Following last month’s announcement that it has acquired the Performance Bicycle portfolio, Advanced Sports International has now raised $7 million in a private stock sale, documents reveal.
The parent of brands such as Fuji, SE and Breezer, among others, ASI’s CEO Patrick Cunnane said that the proceeds will go a long way toward supporting the recent acquisition, as well as offer the company some capital to work with.
Speaking on the future of Performance Bicycle, Cunnane said that the business will retain its management team and will open as many as six new stores within the next 12 months, as well as look at expansion into new markets.
