Canadian bike company Cervélo Cycles has been sold to Dutch conglomerate Pon Holdings.
Cervélo will continue to operate independently and co-founders Phil White and Gerard Vroomen will remain with the Toronto-based company, which will operate in the conglomerate’s Pon Bicycle Group division.
“The opportunity for Cervélo within Pon Bicycle Group is tremendous,” White said Friday in a release. “The combination of Pon’s considerable resources and expertise and Cervélo’s cutting edge technology will make us stronger and more competitive as we continue to engineer the best bikes on the planet.”
White will remain as Cervélo’s chief executive officer.
Cervélo was founded 16 years ago by White and Vroomen when they were engineering students at McGill University. Cervélo was the first Canadian bike manufacturer on the Tour in 2003.