Cannondale acquired by Dutch Pon for $810 million

(Photo: Website Cannondale)

The Dutch Pon Holdings, mostly known as the owner of Volkswagen, has acquired the bike brand Cannondale for a price of $810 million. They didn’t only acquire Cannondale, but other brands previously owned by Dorel Industries including Schwinn, GT, Caloi and IronHorse.

Pon has a head office in the Netherlands, but also has offices in Germany, America, Canada, China, Taiwan, the UK, Hong Kong and Australia. The holding company already has some other bike brands in their portfolio: Cervélo, FOCUS, Santa Crus, Kalkhoff and Faraday.

Pon Holdings hasn’t yet commented on their latest acquisition. However, Dorel Industries has, although it’s short. CEO Martin Schwartz mentioned to be “very pleased to have completed the sale of Dorel Sports to a great company like Pon.” He continued to say: “We believe that with this sale, Dorel has realized full value for Dorel Sports, for the benefit of Dorel and our shareholders.”