Advanced Sports International, a Northeast Philadelphia bicycle supplier, raised $7 million in a private stock sale, according to documents filed with the Securities and Exchange Commission.
Advanced Sports, established in 1998, is a supplier of more than 450 different types of bicycles under five brands: Fuji, SE, Kestrel, Breezer and Phat Cycles. The company also markets and distributes the Oval Concepts brand of premium bicycle components.
Last month, Advanced Sports bought Performance Bicycle, the largest bicycle retailer in the country. In this region, Performance Bicycle operates stores in South Philadelphia; Paoli, Pennsylvania; and Newark, Delaware.
Patrick Cunnane, CEO of Advanced Sports, said proceeds from the stock sale will help support the aqcuisition and increase the company's working capital
The purchase price paid by Advance Sports is being kept confidential, but Cunnane said the deal was structured to give some Performance Bicycles debt holders an equity position. "We restructured their balance sheet so they could start fresh," he said.
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