Chris Sugai, founder of Fort Collins mountain bicycle company Niner, has filed for Chapter 11 bankruptcy. Denver-based private equity firm Columbia Basin Partners has agreed to buy the company. Chris Sugai, said, “We’re happy to have a partner that shares our vision for the future, one who enables us to take Niner’s products and services to new heights.
BusinessDen article by Kate Tracy here
The Fort Collins manufacturer – whose name references the larger 29-inch tires that became its signature feature – listed assets of $9.8 million and liabilities of $7.9 million.
Owner Chris Sugai said the pre-packaged bankruptcy is a tool to sell the company to Denver-based private equity firm Columbia Basin Partners.
“They are a group of passionate cyclists … they were fans of the company long before we ever met,” Sugai said. “In order to continue to grow, we needed a large capital investment.”
Bicycle Retailer article here
“I’ll still be directly involved in the day-to-day operations, working diligently with our incredible team to explore and push the boundaries of this amazing brand’s potential.”
The statement said the reorganization will have little day-to-day effect on the company’s operations.
“Our capable team remains intact. That’s important. Everyone here will continue to support Niner’s mission of supporting trails everywhere, of building the riding stoke, and of creating incredible cycling products for riders who love to hit the dirt.”