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 Ftech 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.”
SAED is a specialised investment company that provides expansion capital to entrepreneurial companies with high growth potential. In addition to providing capital, by partnering with SAED, portfolio companies have access to the broad relationships and business networks of SAED.
SAED also provides advice, mentoring and a strong sounding board to entrepreneurs to help unlock and capacitate a high growth strategy for their businesses.
Dannhauser said the early results of the growth investment were already evident with the imminent launch of leading American mountain bike brand Ellsworth Handcrafted Bicycles, in SA. The ASG executive management team, which includes Steyn du Plessis (ASG Sport), Wynand de Villiers (ASG Events) and Massimo Fantin at ASG International in Bassano, will remain unchanged.