Giant Group subsidiary SPIA buys Stages Cycling

It wouldn’t be a stretch to say that the relationship of Giant and Stages Cycling has been pretty complex lately. Giant took an almost 1/3 stake in the company in early 2023 and this year filed a lawsuit against the company when it reportedly ceased operating (it filed for bankruptcy in June), with Giant aiming to recover circa $14 million in unpaid invoices.

Now, in Q3 2024, the relationship has turned a corner, with Giant Group announcing its subsidiary SPIA Cycling Inc has successfully acquired the assets of the Stages Cycling brand from its owner companies. This acquisition represents a significant milestone for SPIA Cycling Inc. as it expands its Cycling Performance portfolio and enters the Commercial Fitness industry (and presumably brings the complex saga into a more positive era).

The United States entities of Stages Cycling, a prominent player in the bicycle and fitness sectors, sought Chapter 11 protection to address financial challenges and restructure their operations. SPIA Cycling Inc. has now acquired key Stages Cycling assets, including intellectual property, manufacturing facilities, product lines, and limited inventory.

“We are thrilled to integrate Stages Cycling’s assets into our organisation,” said Donald Yu, President of SPIA Cycling Inc. “This acquisition aligns with our strategic goals and enhances our capabilities in both indoor and outdoor cycling. We are committed to leveraging these assets to drive innovation and deliver greater value to our customers and stakeholders.”

The acquisition will support the Giant Group’s vision to create a comprehensive indoor/outdoor cycling ecosystem, enhance its cycling data capabilities, and enter the commercial fitness market, where it has a 30-year history of manufacturing for other brands. SPIA Cycling Inc. plans to swiftly integrate the Stages Cycling assets into its operations.

Paddy Murray, VP of Global Sales and Marketing of SPIA Cycling Inc, stated, “We’re thrilled about the opportunities this acquisition presents and the benefits it will bring to Stages Cycling’s dedicated customers. Our priority is to ensure a seamless transition while revitalising the Stages brand to address both current and future customer needs.

This acquisition underscores the Giant Group’s ongoing commitment to growth and strategic expansion, the group said.