LeBron James, the king of the basketball court in Cleveland, has acquired an undisclosed share of privately held Cannondale Bicycle.
James uses Cannondale bicycles for his annual charity bike ride for kids and single moms in Akron. In addition, he cross-trains on a custom-made Cannondale Caffeine 29er frame bike.
The 22-year-old All-Star for the Cleveland Cavaliers said in a press release on the Cannondale website: “Biking is an extremely important part of my training routine, and I like to invest in what I know.”
The minority acquisition by James and three of his friends was made by their company, LRMR Innovative Marketing & Branding.
Founded in a loft above a pickle company in 1971, Cannondale has been making lightweight, performance bicycles since 1983. The original company ran into financial problems in 2003, declared Chapter 11, and sold its assets to Pegasus Partners II Limited Partnership, which formed the existing closely held company.
HQ'ed in Bethel, Connecticut, Cannondale makes bikes in Bedford, Pennsylvania and has operations in Holland, Japan and Australia.
More at MSNBC.
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