The Pedro's s brand will be under new ownership effective May 1. Management announced at the Sea Otter Classic that the company, now owned by Swix Sport USA, is being acquired by Sports adVentures International S.A. (SaVI) of Lausanne, Switzerland. SaVI is an investment group with a focus in the active life, health and wellness sectors. Pedros makes bicycle tools, care products and accessories and has long been a supporter of mountain bike races and festivals.
"We're starting a new chapter," said Christopher Zigmont, the new CEO at Pedro's from the company's booth in the Sea Otter expo area. "We're excited to find folks that get it. They [SaVI] ride really hard and also backcountry ski. But they also bring a business acumen that we haven't really had before. They understand investment and product development."
"We have some product directions in mind. We want to focus on accessories that are meaningful. We will do some pruning with our product line. We are very aware of transportation and the bike utility market. You will probably see more in that area from us," Zigmont hinted.
Current Pedro's staff will stay in place and no layoffs are planned. The company will move about 100 feet to a new office in the short term before finding a new, more permanent location still to be determined in the Boston area next January.
Pedro's will emerge as a new US-based legal entity from May 1. The parties have agreed to keep the terms of the agreement confidential.