PHILADELPHIA (Dec. 10, 2009) - Advanced Sports, Inc. announced today that it has purchased the Oval Concepts brand, trademarks and tooling and has entered into a license agreement for its patented JetStream and SCCS technology. The purchase of the Oval Concepts brand adds high-quality components, parts and accessories to ASI's current offerings, as well as increases its presence in the aftermarket sector.
ASI currently owns the Fuji, SE, Kestrel and Breezer brands, and licenses Terry bicycles. This is the first non-bicycle brand purchased by ASI.
"We have been looking for a top-notch, branded parts and accessories line for some time," said Patrick Cunnane, president of Advanced Sports, Inc. "Oval Concepts makes a lot of sense for us at this time - its product-focused, high quality level fits in well with our other premium brands, Kestrel, Fuji, and Breezer, and is a great addition to our aftermarket product line with its aerodynamic technology and strong support from professional athletes."
Since 2002, Oval Concepts has been highly regarded in the industry for its unique aerodynamic innovations in handlebars, stems, aero-bars, seat posts and fork technology.
"We are committed to continuous investment in research on materials, tooling, and performance technology, allowing Oval to continue to push the envelope on aerodynamic technology and continue to be a unique, innovative component brand," said ASI's Steven Harad who will assume the role of Oval Concepts Brand Manager.
Morgan Nicol, the founder of Oval Concepts commented, "I have worked with members of the ASI group for the past of couple years through our mutual sponsorship of Fuji-Servetto Pro Tour team, various world-class triathletes and the Cycling Center in Belgium," commented Nicol. "I am honored that such a fast-growing, progressive company finds value in the Oval Concepts brand and I'm excited it will be able to grow along with ASI's other brands."
ASI will immediately start selling the current Oval model line in the aftermarket sector through Oval's existing distributor network. Additionally, Oval products will be offered to ASI's independent bicycle dealer network.
Silver Steep Partners served as the exclusive financial advisor to Oval Concepts SA on the transaction.
ABOUT ADVANCED SPORTS, INC.
Advanced Sports, Inc. (ASI) is a privately held corporation located in Philadelphia, Pennsylvania with more than 80 distributors in 50 countries. Operating in the U.S. through the independent bicycle dealer network (IBD), ASI markets a full line of premium bicycles and now high end parts and accessories under the Fuji, Kestrel, SE, Breezer, Terry and Oval brands. For more information, visit advancedsports.com.