BikeBiz Bicycle and cycling retail news
The Pro’s Closet (TPC) is set to return under new ownership with Elshair Companies having acquired the TPC brand and its intellectual property.
Elshair Companies is a private investment firm with more than 20 years of e-commerce expertise in founding, acquiring, and expanding businesses.
This acquisition will see new infrastructure, dedicated staffing, and a commitment to sustainable growth.
Moving forward, a core team of former employees — including JP Gage as chief operating officer and Justin England as chief revenue officer — will look to revive TPC’s reputation and build upon its foundation in the cycling community.
“Over the past 17 years, TPC became an integral part of the domestic bike market, serving as a trusted partner for sellers and buyers nationwide,” said England.
“With the support of our new owners, we aim to relaunch TPC and elevate the valuable services upon which the brand was built.”
Starting Today, November 4, TPC will resume buying bikes, frames, and wheels through the Sell/Trade form on its website.
The business aims to have “a curated selection” available for sale before the holiday season.
This marks the beginning of a new chapter for TPC which had previously announced that it would be closing its doors at the end of October following a challenging period.
Founded in 2006 Nick Martin, TPC initially started as a personal venture to resell used cycling gear on eBay.
TPC expanded significantly as one of the market’s leading and most trusted platforms for buying and selling used bicycles.
In 2021, the company opened a 137,000-square-foot warehouse in Louisville following a spike in sales throughout the pandemic.
The same year saw TPC raise $40 million in Series B funding, bringing the total investment close to $100 million.
However the last 12 months have been turbulent for the business with multiple layoffs and leadership changes as it battled with market headwinds such as economic uncertainty, an overstocked market and supply chain challenges.
This culminated in September this year when a 75% off sale was announced and it was confirmed that the business would be closing its operation.
However now a new era for TPC is on the horizon with a new ownership and long-term plans for sustainable growth.
A spokesperson for TPC concluded: “We want to extend our deepest gratitude to all our incredible customers and partners.
“Your unwavering support and patience have made this revival possible, and we truly appreciate each and every one of you. We look forward to serving you again and continuing our ride together.”
