September 2010

Chester Capital Acquires Control of SOLA Sport Outdoor Leisure Australia

• Chester Capital acquires 49.9 % stake in leading bicycle and outdoor distributor SOLA from ANZ Private Equity   
• New CEO and CFO appointed to SOLA Sport  
• SOLA Sport becomes exclusive distributor of Bianchi Bikes  
• SOLA Sport acquires distribution business in New Zealand

SOLA Sport (formally Netti Atom) – one of Australia’s most prominent distributors of bicycle and outdoor brands today announced that ANZ Private Equity’s 49.9% interest in the company will be acquired by existing shareholders Chester Capital, its associates and management. Investec Bank will continue providing banking facilities to the company.

As part of the buyout, SOLA is introducing a new management team in early September, led by CEO, Shane McNulty, and CFO, George Nisbet, who will become shareholders. Both Shane and George have extensive backgrounds in the distribution of consumer durables and experience in dealing with overseas principals.

SOLA Sport Chairman Robert Gavshon said, “these senior executive appointments will provide focused leadership to a team that is embarking on a new growth direction”.

The company also recently announced it will become the exclusive distributor for world-renowned Italian bike brand, Bianchi. Robert Gavshon said that the foundation has been set for a strong and exciting relationship with Cycleurope, one of Europe’s leading cycle companies - the owner of Bianchi, and a number of other well known bicycle and associated products brands.

SOLA Sport recently formed a subsidiary in New Zealand, SOLA Sport NZ, which will distribute Bianchi, Cervelo and Dahon bikes, Netti clothing and accessory bike products, Serfas and Time. The latter two product lines were acquired last week from Colorado Traders of Auckland. SOLA Sport NZ will be headed by Mark Little, a seasoned bicycle distributor in New Zealand, and an executive with more than 16 years experience in the industry.

The SOLA Sport Board will continue to be chaired by Robert Gavshon, and non-executives Milton Levine and Sam Linz will remain as members of the Board.

As part of its restructuring, SOLA recently moved into new and larger premises in Alexandria, NSW which houses both the administration and warehouse in state-of-the-art facilities.  

About SOLA Sport: Formally known as Netti Atom, SOLA Sport has been operating in the Australian cycle market for over 60 years and is one of Australia’s most prominent distributors of bicycle and outdoor brands. SOLA Sport owns the Netti and Cinettica clothing and accessory and helmet brands, in addition to distributing leading global brands Camelbak, Dahon folding bikes, Fox Racing Shox, Fizik saddles, Brooks saddles and bags, Selle Royal saddles, Allen bike racks and ESS goggles and glasses. SOLA Sport NZ will distribute Bianchi, Cervelo, Dahon, Netti, Serfas and Time.

www.solasport.com.au

For further information please call: Robert Gavshon, Chairman, SOLA Sport Outdoor Leisure Australia Pty Ltd

Tel: +61 2 9363 5566 Email: robert.gavshon@chetsercapital.com.au