PHILADELPHIA, Penn. (BRAIN) — Part of the group that has agreed to purchase the assets of Advanced Sports Enterprises said Tuesday that they are committed to operating ASE’s wholesale business, Advanced Sports Inc, and will continue selling ASI’s brands including Fuji, Kestrel, SE, Breezer and Tuesday, and component brand Oval Concepts.
“We are committed to ASI’s long-term success,” said joint venture representatives Ryan Davis and George Hsu, executives at Tiger Group and Advanced Holdings, respectively, in a press release. “With this purchase, we intend to build on and improve the existing infrastructure of ASI’s wholesale distribution business.”
Tiger Group and Advanced Holdings have formed BikeCo, which was one of the three investors that submitted the winning bid to acquire the assets of ASE on Friday. The other buyers were Amain.com, Inc., the parent company of Amain Hobby and Amain Cycling, an e-commerce retailer, and K&B Investment Corporation, a real estate investment company connected to the Miami-based distributor J&B Imports. Amain and K&B have not announced their plans.
Davis and Hsu said the new owners plan to keep the ASI brands and retain the vast majority of the staff in the company’s Philadelphia headquarters. Longtime ASI executive Karen Bliss …read more