Parlee Cycles has announced that it has been acquired by an avid cyclist and independent investor.
The acquisition of the brand and 100% of the assets of Parlee Cycles signals the end of its Chapter 11 restructuring and ensures the longevity of the well-known brand.
Moving forward, the business will operate under a newly formed entity named Parlee Composites, Inc., with John Harrison assuming the role of president and CEO.
Bob Parlee, the founder of Parlee Cycles, is widely considered one of the original leading designers of the carbon fibre bike industry, designing nearly a dozen award-winning bikes throughout his career.
Parlee will remain on the executive team as chief designer and will turn 100% of his attention to the design and development of future models.
Harrison, as CEO, will focus on the development of operations in the business and the expansion of sales and marketing efforts.
The existing Parlee Cycles team will transition to the new organisation and Parlee Composites expects to begin hiring almost immediately to support the growth anticipated in 2024.
Following the announcement, Harrison said: “There are many thousands of Parlee fans around the world and I am delighted to be able to shepherd the organisation into this new era and continue to deliver products that delight our customers.
“The scope of our plan is audacious. We’re simultaneously expanding the business and working on some truly amazing new projects that we’ll be excited to announce in 2024 and 2025”.
Harrison, along with the team at Parlee, say they are committed to fostering growth of the brand through manufacturing innovation, expansion of its global dealer network and the introduction of new models.
The organisation insists it will remain dedicated to its current global network of dealers and will make investments to ensure “a frictionless experience” through ordering, customization, fulfilment, and support.
Bob Parlee, founder of Parlee Cycles added: “We’re delighted to work with John. He has an enormous depth of experience in sustainably scaling small businesses.
“He’s already been engaged with the team at Parlee and is quickly making a positive impact to our operating effectiveness”.