The Tiger Group, a collective of four companies, has submitted a winning bid of just over $23 million to buy the assets of Advanced Sports Enterprises (ASE).
As reported by Bicycle Retailer, a bankruptcy judge approved the bid at the end of an 8-hour hearing and a sales closing is expected this week.
The group includes Tiger Capital Group LLC, Advanced Holdings Co Ltd, Amain.com Inc, and K&B Investment Corporation. Tiger Capital Group and Advanced Holdings jointly formed BikeCo, the firm that submitted the winning bid along with Amain and K&B.
BikeCo agreed to purchase the assets of ASE’s wholesale business, including its bike trademarks which include Fuji, Kestrel, Breezer and SE, and wholesale business, while Amain will buy the Performance and Nashbar e-commerce businesses including web domains, trademarks house P&A brands.
K&B agreed to purchase ASE’s property and buildings in North Carolina and Philadelphia, although it has not been revealed what price the company has committed to paying.
The Tiger Group has not yet confirmed that it will assume the leases and continue operating the 62 Performance store locations that remain open. Some 40 stores have already been closed.
Last month, Specialized agreed to pay flailing ASE $700,000 for rights to the Roubaix bicycle trademark in the US.