BRG Sports Inc has entered into an agreement with cycling industry veteran Chris Tutton, under which he will acquire the Easton Cycling business. Tutton has long worked as an independent sales representative for Easton Cycling’s OEM business and he also owns Race Face Performance Products, a company that has been designing and manufacturing leading-edge performance cycling components, clothing and protection for more than 20 years.
Known until last week as Easton Bell Sports, the sale of the BRG (Bell Riddell Giro) Easton Cycling business comes hot on the heels of the sale of Easton’s baseball/softball business. Recently, BRG sold the Easton Baseball/Softball business to Bauer Performance Sports. The company is also continuing to work towards an agreement with a third party for the sale of Easton Hockey.
The terms of the latest deal with Race Face Performance Products were not disclosed and it is expected to be completed in the next 60 days.
“We are very pleased that the Easton Cycling unit will be under the leadership of an accomplished industry veteran and business professional like Chris,” said BRG Sports Executive Chairman and CEO Terry Lee.
“We have enjoyed a long-standing relationship with him both in business and in our shared passions for cycling, and when he put forth an attractive offer, we felt the timing was right to proceed with a deal. We are confident that Chris and his team are the best candidates to create a bright future for the Easton Cycling brand.”
Winston & Strawn LLP acted as legal advisor to the company in connection with the transaction.
www.brgsports.com
www.raceface.com
