Brunswick Corporation has sold Brunswick Bicycles to Pacific Cycle
Brunswick Corporation (NYSE:BC) announced today that it has completed the sale of its Brunswick Bicycles division to Pacific Cycle, L.L.C., of Madison, Wisconsin for total consideration of $60 million. The division markets bicycles with the well-recognized brand names of Mongoose, Mongoose Pro and Road via mass merchandisers, sporting good superstores, and independent bike dealers. The division has achieved the leading market share of bike sales in the expanding mass channel and has positioned Mongoose as a cutting edge brand that is popular with Generation Y males, a growing demographic with increasing purchasing power.
“We are pleased with this transaction,” said George W. Buckley, Brunswick’s Chairman and Chief Executive Officer. “By divesting the bike business, along with the sale of our camping business completed last year, we move closer to devoting our full attention to building our market-leading businesses in marine engines, pleasure boats, fitness equipment, bowling and billiards.”
Pacific Cycle, a leading designer of high-quality bicycles to mass retailers, is a portfolio company of Wind Point Partners, a private equity investment firm with offices in Chicago, Illinois and Southfield, Michigan. “Both companies are well-positioned, leading competitors in the bicycle market and each company possesses highly complementary capabilities,” commented Rich Kracum, Managing Director of Wind Point Partners. “Combined, the company will have the leading market share in the bike industry,” said Kracum.
Brunswick Corporation is a marketer and manufacturer of leading consumer brands including Mercury and Mariner outboard engines; Mercury MerCruiser sterndrives and inboard engines; Sea Ray, Bayliner and Maxum pleasure boats; Baja high-performance boats; Boston Whaler and Trophy offshore fishing boats; Life Fitness, Hammer Strength and ParaBody fitness equipment; Brunswick bowling centers, equipment and consumer products; and Brunswick billiard tables.
Lincoln Partners initiated this transaction, assisted in the negotiations and acted as financial advisor to Brunswick Corporation.
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