Global sport and cycling industry player ASG have attracted a strategic investment from South African Enterprise Development (SAED), it was announced today.
The capital injection would enable the ASG group to fast-track their growth and international expansion, said founder and CEO Heinrich Dannhauser.
“We welcome SAED as our strategic equity partner to assist us with the expansion of our fast-growing international and South African cycling and sports business.
“We believe the partnership will unlock significant synergy and will afford ASG the opportunity to broaden our product offering and provide an even stronger platform to our clients.”
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 (www.saenterprise.co.za).
According to Dannhauser, ASG operate through subsidiaries ASG Sport Solutions, ASG Events and Italy-based ASG International.
Besides distributing top cycling and sporting brands like Pinarello, Rudy Project, SIDI and High5 in South Africa, ASG 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 F-tech and global bike transportation solution Scicon, which is distributed in more than 60 countries.
In addition to Dannhauser, the ASG executive management team include Steyn du Plessis (ASG Sport), Wynand de Villiers (ASG Events) and Massimo Fantin, who directs ASG International from its headquarters in Bassano del Grappa.
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.”
Dannhauser said the early results of the growth investment was already evident with the imminent launch of leading American mountain bike brand, Ellsworth, in South Africa.