Investment Group DCG Acquires Mad Fiber
SEATTLE, USA – Divine Cycling Group (DCG) completed the acquisition of Mad Fiber Inc., including its high tech, carbon-fiber wheel technology and products.
DCG was formed in 2012 by Gary Ullman and Dan Devine with the aim of acquiring, financing and growing high-quality product companies in the bicycle industry. The Mad Fiber acquisition represents the first of several acquisitions targeted for the 2013 calendar year.
“We are very happy to have entered the cycling market through the acquisition of Mad Fiber,” said Gary Ullman. “The Mad Fiber management and product development teams will remain in place, and with DCG’s financial support, that team can now focus on design, build and market their high end wheels. “We look forward to using Mad Fiber as a platform for additional medium to larger strategic acquisitions in the short-term,” Ullman concluded.
“While considering several options to finance Mad Fiber’s growth and future product development, it quickly became apparent that DCG represented the best path forward for both Mad Fiber and its customers,” said Russ Riggins, Mad Fiber CEO. “As part of DCG, Mad Fiber will have the ability to expand more rapidly.”
Lacking scale and resources
“The Divine Cycling Group (DCG) was formed to acquire bicycle and component manufacturing companies, but which may have lacked the scale and resources necessary to grow those brands worldwide”, adds Gary Ullman.
“As a U.S based company, a portion of our portfolio of companies will offer products that are designed and made in the U.S. Given the size of the market in Europe, and the growing popularity of cycling in Asia, we will also look to acquire manufacturing firms in those locations to expand our geographic reach. Former SRAM Europe GM Martin van Beek will run our European operation.”