DENVER (BRAIN) — Denver-based Fly Pedals, which makes a platform conversion for clipless pedals, has been purchased by an investor who is looking to acquire other cycling accessory brands. Terms of the deal were not disclosed.
New owner Damon MIller has a background in consumer product marketing, including a stint at fitness wearables brand Basis. The Fly Pedals acquisition is a first step in assembling a portfolio of cycling brands under his new company Spin Ventures.
"I was looking for acquisition opportunities in the bike space. While I don't have a professional cycling background, I am a cyclist and commuter. I came across Fly Pedals looking for more niche opportunities where I felt there was some good traction for the product at some point and the brand, in this case, sort of plateaued and hit their ceiling," he said. "I'm continuing to look for additional opportunities to achieve some economies of scale, but more importantly I'm looking for products that have a good niche position and there's still upside where I can apply my marketing background and get it to grow again."
Fly Pedals was founded in 2014 by Bryan Gardner and Dan Lucchesi, launching via a Kickstarter campaign. The company raised more than $150,000 through three successful crowdfunding campaigns. It sells primarily consumer direct, but also to bike shops through Southern California distributor Zeitbike.
Fly Pedals are manufactured in the Denver area, and Miller said he'd like to acquire other brands whose products are either made or assembled domestically. He plans to focus on commuter-oriented accessories and not performance road or mountain products.
"My criteria is whether it's a niche brand or product where there's still opportunity for growth. I know that the industry in general has slowed down, but I believe personal mobility and commuting and urban biking will continue to grow over the long run. And I think there's opportunity for products and accessories to tap into that as people look for alternatives to driving," he said.
In the near term, Miller plans to refresh the Fly Pedals brand and make some improvements to its $49.95 platform adapter.
"I have ideas for new products and ways to improve on the current product and find some opportunities to extend the line into new segments related to pedals and bike accessories. But in the short term the focus is on making some product improvement," he said.
Related: Zeitbike distributing Fly Pedal.
