Earlier this week, Blue Bicycles announced they have found a buyer, Minds Group LLC, and are back in business for 2014 with 2015 models hitting the Interbike show floor in September. 2014 models will be shipping in the coming weeks.
“All sights are set on moving forward,” said Steven Harad, CEO of Blue Bicycles, in a press release. “We’re thrilled to have stable backing, and are primed to bring the Blue Bicycles brand back to prominence as an industry leader in aero bikes.”
In December of 2012, the small company was sold by its founders to Lake Rudd Capital Partners, in a move to provide the funding and management needed to continue growing. Harad became the CEO of Blue, after spending time with Kestrel, part of Advanced Sports International. Later in June 2013, Gary Ullman, founder of the Divine Cycling Group, announced the investment firm would bring together Serotta, Mad Fiber, and Blue Competition Cycles to “better attract investment, more rapidly grow product lines and profitability, and benefit from combined strengths while maintaining individual brand identities under their current management teams.” Within a few months, that move brought the demise of all three brands, even though the sale of Blue was never completed with DCG. Harad remained with Blue, searching for a new buyer to keep the company running, but was forced to shut down in October until one could be found.
Aerus Components and Aerus Bags are also part of the sale to Minds Group. The company will move its domestic and international sales operations to Wilmington, Delaware and are working to establish warehousing/distribution. Daniel Stallings will also be returning as sales manager for the brand.
http://www.rideblue.com
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