LUGANO, Switzerland (BRAIN) — Assos has sold a majority stake in the company to an investment group led by former Black Diamond Equipment director Philip N. Duff, who becomes Assos’ new CEO. The investment consortium also includes New York private equity firm TZP Group and Summit Partners co-founder Greg Avis, a current USA Cycling Foundation board member.
Assos was founded in 1976 by Swiss engineer Toni Maier-Moussa, and the investment ends nearly four decades of ownership under the Maier family.
In a statement, Roche Maier-Moussa, son of Assos’ founders, said he will remain with the company and that the investment will help broaden Assos’ reach.
“I will also be a significant owner, and continue in my management role as Createur, leading brand and product development and innovation at Assos, ensuring the Maier family will play a major role at Assos for many years to come,” he stated.
“I have been a customer of Assos since Toni Maier changed athletic apparel with the introduction of the first Lycra cycling shorts in the late 1970s. I have only ridden Assos ever since,” Duff said. “I am delighted to join a team that has built a truly authentic brand — top cyclists building innovative apparel for passionate cyclists. Roche and I plan to bring the principles of ‘Sponsor Yourself’ to an expanding group of avid cyclists around the world.”
