December 25, 2011 (Toronto, ON) – Cervelo has announced on its website that it has entered into a financing agreement with Pon Holdings BV, a large Dutch conglomerate that recently acquired 92% of the shares in Germany’s Derby Cycle Werke (Raleigh, Univega and Kalkhoff brands) and in Sept. also purchased Gazelle Holdings B.V., one of the largest bicycle manufacturers in the Netherlands.
The agreement also “… enables both parties to agree on a sale of Cervélo in exclusivity.” – read the Cervelo announcement HERE.
Pon is one of the Netherlands’ largest family-owned businesses and owns Volkswagen, Audi and Porsche. According to its website “Pon, one of the largest Dutch family, is an international trading and service company with a wide variety of activities. Pon employs almost 11,000 people in 250 offices in 17 countries.”
Cervélo Cycles, based in Toronto, was established in 1995 when Canada’s Phil White and Gérard Vroomen from the Netherlands developed a fast time trial bike and decided to market it. Vroomen recently stepped aside from day-to-day operations, but remains on the board, making White the sole CEO of Cervelo – read more HERE.