FORT COLLINS — Niner Inc., a Fort Collins-based bike manufacturer that does business as Niner Bikes, was purchased by UWHK Limited, formerly known as Emersion International.
UWHK announced in February that it planned to purchase Niner, which filed for Chapter 11 bankruptcy protection in November. The company listed more than $8 million in debt. In February, the motion to purchase was for $3.1 million, although financial details of the sale at time of closure were not disclosed.
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UWHK is a Hong Kong-based global holding company of outdoor brands owned by United Wheels, and has brands like Huffy Corp., Aliite Inc. and VAAST Bicycles.
Through UWHK’s acquisition of Niner, the Fort Collins company plans to accelerate its global expansion and focus on research and development.
“We are in-step with the vision and fast-track global plans for Niner. Our leadership team and culture, which are synonymous with our brand, will be maintained,” Chris Sugai, who will remain president of Niner, said in a prepared statement. “UWHK’s support allows the dedicated team at Niner to keep producing high quality bikes. I got into this business because of my passion for all things cycling, and I’m glad we can get back to making awesome bikes. Supporting riders and giving back to the riding community will continue.”
Before accepting the offer from UWHK, Niner had plans to sell to a Colorado-based investment group.