The Pon Group has moved to acquire bike retail chain Mike’s Bikes, a series of stores found in Northern California.
Bicycle Retailer reports that the 12-store chain buyout also includes the Public Bikes brand which Mike’s Bikes bought in 2017 giving the chain an exclusive range of city bikes.
“The acquisition of Mike’s Bikes aligns with Pon’s strategy to expand its retail operations in North America by acquiring premier specialty retail brands in top markets,” said the Pon Group.
There was reportedly interest in the chain from other parties. CEO Ken Martin told BR&IN: “This was a long process involving several parties along the way.”
The business has been run by Martin and President Matt Adams, both of whom will remain at the company in their current roles. Partner Mike Gabrys also sold his shares and has moved on from the business.
The deal is one that mirrors a steady trend of bike shop buyouts by large brands and distributors around the globe. Very often such deals capture prime and profitable retail space securing a slice of market share for the partner.
One of the largest bike manufacturers in the world and part of a much larger group still, Pon Bike is the parent or rights holder to brands including Santa Cruz, Kalkhoff, Derby, Univega, BBB, Gazelle and Cervelo, among others.