Chattanooga-based PlayCore acquires Dero Bike Rack Co.

Chattanooga-based PlayCore acquires Dero Bike Rack Co.

September 26th, 2012 by Mike Pare in Business Around the Region

Bob Farnsworth is president and CEO of Playcore

Bob Farnsworth is president and CEO of Playcore

Photo by Jeff Guenther

PlayCore has bought Dero Bike Rack Co. of Minneapolis in its ninth acquisition in the past five years.

Bob Farnsworth, PlayCore's chief executive, said Dero offers innovative bike storage systems.

"This expansion of our commitment to the bike market is an important new opportunity for PlayCore," he said in a statement.

The acquisition price wasn't announced.

But Dero had 2010 revenues of $5.5 million and a five-year annual growth rate of 29 percent, according to Fortune, which included it in a list of the 100 fastest growing inner-city businesses.

Outside magazine said last month in a "30 Best Places to Work" article that the company has 17 employees.

Anne-Marie Spencer, PlayCore's vice president of marketing, said the Chattanooga company already carries some bike racks in its other brands.

But, she said, the acquisition of Dero will allow PlayCore to expand its offering and better serve the cycling market.

"In addition to bike racks, they feature bike lockers, shelters and an exciting line of custom bike storage products," Spencer said in an email.

She said Dero also has an innovative coating process, so that communities, schools, or companies can incorporate their logo or other design into product finishes.

Dero will become a part of PlayCore's EverActive Brands division, according to the company. Day-to-day operations are to continue in Minneapolis.

This summer, PlayCore purchased Colorado Time Systems, which sells timing, scoring and display systems for athletic venues.

Privately held PlayCore has its home office in Chattanooga and a production plant in Fort Payne, Ala.