The South African cycling fraternity has received a boost with leading global sport and cycling industry player ASG announcing they have attracted a significant strategic investment from South African Enterprise Development (SAED).
“This investment will see us fast-track our growth and international expansion,” ASG founder and CEO Heinrich Dannhauser said after the news broke today.
“We welcome SAED on board as our strategic partner as we broaden our product offering and events to the ever growing cycling market.”
He said as a trusted cycling brand in South Africa, ASG operated through subsidiaries ASG Sport Solutions, ASG Events and Italy-based ASG International.
Besides distributing top brands like Pinarello, Rudy Project, SIDI and High5, they also own and stage some of the country’s leading cycle races – among them the Bestmed Tour of Good Hope.
Through ASG International, they own custom cycling clothing brand F-tech and global bike transportation solution Scicon, which is distributed in more than 60 countries.
SAED managing director David Pimstein said ASG had developed strong relationships with international distributors and provided a full and differentiated distribution solution.
“They are however not just distributors, but brand owners with an exciting vision to grow their business in Italy, South Africa and globally.”
Pimstein said the combination of capital, experience in designing and manufacturing premium consumer goods and a dynamic team would take the business to the next level.
“We look forward to partnering with this passionate company for many years to come.”
Dannhauser said the early results of the growth investment was already evident with the imminent launch of leading American mountain bike brand, Ellsworth, in SA.
The ASG executive management team, which include Steyn du Plessis (ASG Sport), Wynand de Villiers (ASG Events) and Massimo Fantin at ASG International in Bassano, will remain unchanged.