The CEO and the founder of Serotta, a Saratoga Springs-based company and one of the world’s premier manufacturers of handcrafted high-performance bicycles, have both left the company.
The company announced on Tuesday that they are restructuring, which will involve putting in place a management team that is aligned with DCG’s expanded production strategy. According to Brian K. Case, a director at Serotta’s parent company, Divine Cycling Group (DCG), as a result of the restructuring Bill Watkins, CEO, and Ben Serotta, founder and president, have both left.
“We wish them well in their future endeavors,” Case said.
Patrick O’Farrell, Serotta’s director of operations, will oversee all production at the Saratoga Springs facility, including the fulfilment of current Serotta orders.
“We have no plan to close the Saratoga Springs factory,” Case said. “In fact, contract manufacturing represents a significant profit opportunity for the company, which in turn may support the future of the Serotta brand.”
The company was founded by Serotta, a Saratoga Springs native who has built bicycles for roughly four decades. The company was put up for sale in 2011, after an influx of inexpensive high-end bicycles from Asia flooded the market. The business was purchased by Bradway Capital, a private investment company based in Massachusetts, for approximately $1.5 million last year. Serotta recently merged with Blue Competition Cycles and Mad Fiber Wheels to become part of the Divine Cycling Group.
The company said, under a plan to restructure the business, Serotta’s industry leading manufacturing capabilities in Saratoga Springs will be offered to cycling brands interested in providing their customers with bikes built in the U.S.