On February 4, 2008, Dorel Industries Inc. (TSX: DII.A, DII.B;) announced that it had acquired the Cannondale Bicycle Corporation, a leading designer, developer and manufacturer of high-end bicycles. Headquartered in Bethel, Connecticut, Cannondale has facilities in Bedford, Pennsylvania as well as offices in Canada, Switzerland, Holland, Japan, and Australia. The purchase also included Sugoi Performance Apparel with operations based in Vancouver.

The total value of the all-cash transaction will be US$190 to US$200 million, and is being financed through debt. Cannondale and Sugoi are being purchased from an affiliate of Pegasus Capital Advisors, which acquired the company in 2003.

Cannondale was advised on Canadian aspects of this transaction by Brent Lewis (finance) and Gary Ott (M&A) of Fasken Martineau.