Elisabeth Robert, former president/CEO of the Vermont Teddy Bear Co., is getting into cycling. Robert announced April 30 that she has acquired a majority interest in sports and apparel merchant Terry Precision Cycling.
In addition to bicycles and bicycles saddles, Terry Precision Cycling, which did about $7 million in sales last year and has 20 employees, manufacturers and markets women’s apparel, including jerseys, shorts, gloves and skorts.
Wellesley, MA-based investment bank Tully & Holland said it initiated the transaction and represented Terry Precision Cycling.
Robert plans to move the business from Rochester, NY to Vermont within the next year. She says that company founder Georgina Terry and vice president of marketing Paula Dyba will remain with the company as consulting partners.
Terry and Dyba had an interest in adding an investor who could help grow the business, Robert says. “They both realized that in order to bring the business to another level, they needed someone with more business experience and resources.”
Though Robert says she plans to bump the catalog circulation from 2 million annually to 4 million in the short term, she believes the best opportunity for Terry Precision Cycling growth is through its dealer channel.
“Terry Precision Cycling is in 150 shops, and that’s just a fraction of the 4,500 independent bike shops nationwide,” Robert says. “Dealerships can offer us tremendous potential for brand growth.”