MENDHAM, NJ (BRAIN) — Van Dessel Cycles has received "a substantial infusion of money" from a private investor from Hong Kong, the brand's founder announced Tuesday.
“I am absolutely ecstatic," said Edwin Bull, founder of Van Dessel. "For years we've had all the opportunities needed for healthy growth but we have been unable to make it happen due to our limited financial resources.”
Last year, Van Dessel hit a financial wall, despite growing demand for its bikes, when the company was unable to finance an inventory order.
“Last year was frustrating," Bull said. "We were set up to have a fantastic 2012 and instead, we ended up being stuck with no inventory to ship. We are now in a position to really do things right and take one major step forward. I'm proud of the success we've had, but until now I have been so frustrated by having great product and concepts without being unable to capitalize on these ideas."
With its new investment, Van Dessel is now developing new products and ramping up marketing efforts and infrastructure to grow its dealer network and distribution channels, he said.
“Our goal is to have a dedicated, nationwide network of dealers by 2015, and to establish worldwide distribution," Bull said. "Our goals are ambitious, but we like to push ourselves and now we are armed with the tools to make it happen.”
Van Dessel will attend DealerCamp in July, and have a presence at the Interbike Outdoor Demo and CrossVegas in September, when the company expects to unveil some of its 2014 products.