Specialized Bicycle Components Australia has purchased a second Australian store, confirming last week it had bought prominent Brisbane store Planet Cycles.
It came only a few weeks after Specialized’s first store purchase in this country, acquiring another Brisbane businesses, Studio de Velo.
Husband and wife team Mark and Bronwyn announced they were handing over ownership of Planet Cycles after 31 and 23 years respectively in the bicycle industry.
The duo opened Planet Cycles in 1999 and have become an iconic Brisbane cycling destination.
Mark and Bronwyn said they had put “heavy thought” into the decision to sell.
“We decided a few years ago to work toward selling the business and when Jenny (Specialized Australia Managing Director) approached us, we were ready for the conversation.
“Their respect for the legacy of what we have built and their intention to maintain the ethos of ‘business as usual’ for both our staff and riders was appealing.
“We have ridden many waves over the years, and none as crazy as the last three in our industry,” they said in a statement.
“We were one of the first retailers to sign with Specialized when they came direct to Australia and whilst we have maintained other brands in our store, the Specialized brand has certainly prevailed.
“We wish our fellow retailers and families all the best and want to thank them for the camaraderie, support, and competition over the years.”
Specialized said the store will remain Planet Cycles “at this stage”.