Filed under: Deals, Private equity industry

If there was ever a long-standing company in the bicycle making business, it is Cannondale. In fact, Cannondale used to be a public company that traded under the stock ticker “BIKE” before it imploded and went bankrupt. This was ultimately acquired by private equity, but it wasn’t a public buyout. The higher-end bike manufacturer was bought in bankruptcy in 2003 and the prior common shareholders got a total tax write-off.

This morning Forbes ran a story from Thomson Financial out of London noting that Princess Private Equity Holding Ltd. has now sold Cannondale Bicycle Corp. for between $190 to $200 million through its partnership Pegasus II partners. Cannondale was bought out of bankruptcy by Pegasus II for almost $60 million.

A 200%+ gain in almost 5-years isn’t too easy to knock. Let’s hope the buyers can run this one better than it was run the first time around.

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This entry was posted on Sunday, March 9th, 2008 at 3:15 pm and is filed under Engagements and Deals News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.