Advanced Sports Inc (ASI), which owns tri related bike brands such as Fuji and Kestrel, has purchased the Oval Concepts brand, trademarks and tooling and has entered into a licence agreement for Oval Concepts’ patented JetStream and SCCS (Stem Cap Clip-On System) technology.
The purchase of the Oval Concepts brand adds high-quality components, parts and accessories to ASI’s current offerings, as well as increasing its presence in the aftermarket sector. While ASI currently owns the Fuji, SE, Kestrel and Breezer bike 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.
Oval Concepts’ JetStream technology gently redirects a flow of clean air away from areas of high turbulence (where most drag is created) and lets it dissipate back into ambient air. This technology is specifically applied to the company’s forks and bars. The company’s Stem Cap Clip-On System aims to solve clip-on problems for bar extensions. Bolting a forged SCCS clamp on any Oval Concepts RBT stem allows the rider to then install extensions and arm rests directly on the cap.
“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 the Fuji-Servetto Pro Tour team, various world-class triathletes and the Cycling Centre in Belgium. I am honoured 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 Swiss based Oval Concepts SA on the transaction.
www.advancedsports.com
www.ovalconcepts.com
