UPDATE : 2:17 p.m.
— Tienebailey Inc. will be acquired on Thursday by Platinum Element, a major component maker of titanium road bikes and components, according to a filing with the Securities and Exchange Commission.
The deal, which is subject to customary closing conditions, includes Tienebaumys acquisition of the entire titanium road company, which currently produces more than 2,500 titanium road bicycles, and the Tienebeys remaining equity in the company.
The sale will close in 30 days, according the filing.
TieneBailey Inc., founded in 1995, has been the world’s largest maker of road bikes, and is headquartered in Toronto, Ont.
Tiens company has also built the titanium road bicycle and components market.
Tienebaichis business includes titanium road and road frame products, titanium road shoes, titanium bicycle components, titanium bike accessories, titanium trail bikes, titanium cross trainers, titanium bicycles, titanium race bicycles, road bikes including Tienebikes, titanium wheels, titanium racing bikes, mountain bikes, racing bicycles, cross trainers and race bikes, race bikes including racing bicycles and cross trainers.
Tienes products have been sold to over 50 countries, including the United States, the European Union, Canada, New Zealand, South Africa, Australia and India.
Tienes business has grown at an annual rate of 20% since its launch in 2007.
Tiennes sales are expected to increase to $7.3 billion by 2020 from $6.3 in 2020.