Lake Rudd Capital Partners (LRCP) has reportedly completed an agreement to purchase Blue Competition Cycles from Peter Skop Industries. The new ownership via LRCP is expected to provide Blue with the necessary financial backing it demands to improve infrastructure, enhance its strategic plan for expansion, and build upon its Norcross-based management team.
Under the terms of the agreement, LRCP acquired the company from its founders, Michael and Jay Skop. It is also understood that Blue will retain the majority of its employees.
With the company’s business dramatically expanding in the US and Europe, by a reported average of 30% over each of the past three years, Blue set its sights on ‘securing a financial partner to galvanize continued growth and support consumer demand.’
“Lake Rudd looks to partner with strong management teams and brands in growing industries to build world class organizations,” said Bill Overbay, Managing Partner of LRCP.
He added, “Blue is a brand that we see becoming the next leading company across several segments of the growing cycling industry.”
LRCP is a Providence, Rhode Island-based private equity firm specializing in investing in privately held and family-controlled businesses. LRCP’s strategy is ‘to make controlling or minority investments in private companies, partner with management and employees to build world-class organizations, and drive growth alongside its shareholders and team members.’
www.rideblue.com
www.lakeruddcapital.com
