by Kate Tracy, Business Den
Founder Chris Sugai riding a Niner bike in Utah. (Niner)
Fort Collins mountain bike brand Niner, which filed for bankruptcy protection in November, has a new suitor.
Hong Kong-based Emersion International Limited filed a motion last week to acquire Niner for $3.1 million, according to court filings.
Niner has more than $8 million in debt.
“They have investments in other outdoor brands and they are looking at widening their portfolio of outdoor brands in the future,” said co-founder and CEO Chris Sugai, who will stay on as CEO. “They like our strong presence in the mountain bike sector and they see that as something that fits in with the businesses they are already in.”
Sugai said Niner’s location near prime mountain bike country, as well as its independent bike dealers and international distribution, was attractive to Emersion.
“They feel that’s very strong and they want to build on that,” he said.
Niner would keep its Fort Collins headquarters and its 31 employees, Sugai said.
The company filed Chapter 11 bankruptcy protection in November, hoping to quickly sell the business to a Denver firm for $2.6 million. That deal didn’t go through.
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