PARSIPPANY, N.J.—American bike maker Kent International Inc. has announced a deal to buy Stoneridge Cycle Ltd., a Milton, Ont.-based maker of bicycles and accessories.
Financial terms of the deal were not disclosed, but Kent said it “will allow the two companies to achieve greater cost efficiencies” while catering to new markets.
“Kent International has a long tradition of partnering with Stoneridge Cycle on many brands,” Kent president Scott Kamler said in a release. “We have seen their business thrive and are intrigued by the possibilities for achieving greater scale and cost efficiency by working more closely with one another.”
Stoneridge distributes its products through retailers in Canada including Canadian Tire, Home Hardware, Walmart, Toys “R” Us, Costco and Sears.
The company will remain headquartered in Canada, according to Kent.
“Stoneridge Cycle is dedicated to providing safe, creative and affordable bicycles to the Canadian market,” said Stoneridge president Randy Johnson. “Kent has worked closely with and been a mentor for Stoneridge Cycle from its inception and we share a common vision of offering great bicycles at affordable prices for children and adults.”
The news of the acquisition comes on the heels of the opening of Kent’s new bike plant in Manning, S.C.
Production launched Oct. 15, 2014, with plans to supply bikes built there to the Canadian market starting in May of 2015.