Source: Colorado Time Systems Chattanooga, TN -- September 25, 2012-- PlayCore Holdings, Inc. (PlayCore), a leading designer, manufacturer, and marketer of a broad range of play and recreation products, and a portfolio company of Irving Place Capital, today announced the acquisition of DERO Bike Rack Co. ("Dero").
Dero is a designer, manufacturer, and supplier of innovative bicycle parking and transit solutions, including bike racks, lockers, shelters, and custom bike storage products. Its innovative coating process allows custom designs and logos to be incorporated into the products' finishes.
Dero will become a part of PlayCore's EverActive Brands division. Day-to-day operations will continue from Dero's office and manufacturing facility in Minneapolis, MN and will be supported by the EverActive Brands management team located in Mendota Heights, MN.
"We are excited about the addition of Dero to the family of PlayCore brands as well as the opportunity to increase our product offering with exciting and innovative bike storage solutions. The company aligns greatly with PlayCore's mission and values based culture. This expansion of our commitment to the bike market is an important new opportunity for PlayCore and supports our mission of building communities through play," said Bob Farnsworth, President and CEO of PlayCore.
Hans Steege of Dero added, "We are excited about the opportunity to reach new markets and expand our bike storage solutions offering to new customers."
PlayCore helps build stronger communities around the world by advancing play through research, education, and partnerships. The company infuses this learning into its complete family of brands. PlayCore combines best--in--class planning and education programs with the most comprehensive array of recreation products available to create play solutions that match the unique needs of each community they serve. Learn more at www.playcore.com.
DERO Bike Rack Co. was one of the first to make functional but artistic bicycle parking racks. Since 1995, its founders believed they could build a successful bike parking business with high quality, functional, and secure products that were aesthetically attractive so that architects and planners would integrate them as a visible part of their designs. Dero's pledge of unparalleled customer service and highly trained staff have allowed the company's products to embrace a presence throughout the world. The company was recently named one of the top 10 places to work by Outside Magazine for its incorporation of fun and healthy initiatives into the workplace.
About Irving Place Capital
Irving Place Capital is a middle--market private equity firm that invests in compelling buyouts, recapitalizations, and growth capital opportunities. The firm focuses on making control or entrepreneur--driven investments in retail, consumer, Industrial, and healthcare companies where it can apply its substantial operating and strategic resources and expertise to enhance value. Since its formation in 1997, Irving Place Capital has been an investor in more than 55 companies and has raised over $4 billion of equity capital, including its current $2.7 billion institutional fund. More information about Irving Place Capital is available at www.irvingplacecapital.com.