DENVER (BRAIN) — Denver-based Fly Pedals, which makes a platform conversion for clipless pedals, has been purchased by an investor who is looking to acquire other cycling accessory brands. Terms of the deal were not disclosed.
New owner Damon MIller has a background in consumer product marketing, including a stint at fitness wearables brand Basis. The Fly Pedals acquisition is a first step in assembling a portfolio of cycling brands under his new company Spin Ventures.
“I was looking for acquisition opportunities in the bike space. While I don’t have a professional cycling background, I am a cyclist and commuter. I came across Fly Pedals looking for more niche opportunities where I felt there was some good traction for the product at some point and the brand, in this case, sort of plateaued and hit their ceiling,” he said. “I’m continuing to look for additional opportunities to achieve some economies of scale, but more importantly I’m looking for products that have a good niche position and there’s still upside where I can apply my marketing background and get it to grow again.”
Fly Pedals was founded in 2014 by Bryan Gardner and Dan Lucchesi, launching via a Kickstarter campaign. The company raised …read more