Race Face lives. Shut down by bankers in March after about 18 years in business, Race Face component manufacturer is back in business.
According to Bicycle Retailer and Industry News, the New Westminster, British Columbia-based company will be shipping product this week under the management of new majority owner Chirs Tutton, who purchased Race Face from its receiver, Grant Thornton Ltd., last week.
“I, and a small private equity group, along with Derek Wills, who was Race Face’s operating officer, purchased the company,” Tutton, currently director of OE sales at Easton-Bell Sports, told Bicycle Retailer and Industry News.
Tutton was formerly vice president of sales at Race Face and will take over as managing director of the company. He will carry on in his OE sales position at Easton-Bell Sports.
While a dozen former employees are back working, plans are to rehire more former Race Face workers over the next month. Tutton said he expects to have 35 people working in three months. Warranties will be honored on all Race Face products.
“We purchased everything, the trademarks, intellectual property, buildings, machines, raw material and inventory,” Tutton was quoted by Bicycle Retailer and Industry News. “We expect to ship Race Face product on Friday.”
Race Face’s fate is similar to that of Titus Bicycles, which went out of business late in 2010. That company, however, was purchased by Planet X, an Internet bicycle retailer based in the United Kingdom.