As much of the industry is aware Cassons has joined forces with MotorCycle Holdings Limited (ASX:MTO), one of Australia's largest motorcycle dealership operators.
While Cassons is well known as a large player in the bike industry, the larger part of their business also makes them one of the leading wholesalers and retailers of motorcycle accessories and parts.
Both Rob and John Cassen will take up senior executive positions with MTO and Rob Cassen will also join the MTO board.
Rob Cassen first entered the bike business at the age of 12, selling a bike he repaired and cleaned up...the first of many throughout his high school years.
Now, some 40 years on the business has made its biggest ever sale.
The acquisition by MTO has raised some speculation about the future of the Cassons business in the bike industry.
In a statement this morning Rob Cassen said “We are 110% committed to the bicycle industry, and the merged company is excited at the prospect of new growth, and the potential of the business going forward. We are here for the long term, and for growth of the business”.
“Cassons is 100% Australian owned, and it was very important to me that this remained the case. We have gone from a business of 250 staff to over 850, and we are confident that not one job will be lost on either side of this deal. I am proud of that. In fact we see strong growth of the business and the need to be adding staff not reducing numbers.”
“We are absolutely committed to the Australian bike business and will now be even better placed to face the challenges and demands of existing competition, and the likes of Amazon.”
“In fact we have already negotiated the integration of several new brands to be arriving in the next few months.”
The acquisition is expected to complete on 31 October 2017.