FORT LAUDERDALE, Fla., April 1, 2014 (GLOBE NEWSWIRE) -- BikeStreet, the fastest growing brand of specialty bike shops in America, is excited to announce the appointment of former h.h.gregg EVP & COO Gregg Throgmartin as Chief Executive Officer.
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Throgmartin, a graduate of Indiana University with an MBA from University of Chicago, comes to BikeStreet with decades of experience in retail, growing his family business from 35 stores and $450 million in revenue to more than 228 stores with $2.5 billion in revenue. He was an integral part of securing h.h.gregg's growth capital from private equity sources, then in taking the company through the Initial Public Offering (IPO) process, and finally in facilitating a successful secondary offering to fund the company's continued growth. It is with the same keen strategic sense and rapid growth expertise that Throgmartin plans to build upon BikeStreet's already noteworthy success.
Throgmartin's dedication to creating an exceptional customer experience was a significant contributor to h.h.gregg's rapid growth. His strategy was to focus on providing the best products at the best prices, with highly trained "Product Specialists" who are willing and able to assist customers with every possible need. Throgmartin comes to BikeStreet with this same dedication to the customer experience, and with a commitment to provide the best value in the industry.
"As an investor in BikeStreet, I've been watching the growth of the company since they launched. Now, I look forward to having a direct role in it," said Throgmartin. "Cycling is a rewarding business -- there's such passion for the sport, the culture and the people. BikeStreet has already established itself as an industry powerhouse, but we have the rare opportunity to take the brand to another level, to produce a significant return for our shareholders and to help our customers lead healthier lives. What could be better than that?"
Throgmartin takes over the CEO position from Pat Patregnani, who will remain an integral part of the BikeStreet team as Founder and Chairman of the Board. The two leaders have worked together for years as h.h.gregg is a long-time client of Zimmerman Advertising, where Patregnani is the Chief Executive Officer.
"During my time working with Gregg, I've developed a trust and respect for his integrity and character, as well as for his business acumen as a leader of a public company," said Patregnani. "I have the utmost confidence in Gregg's ability to deliver on our vision and and our operational objectives. He has the skill, the retail knowledge and the growth experience to execute our plan. I'm thrilled to have him as a vital part of our leadership team moving forward."
Over the next seven years, BikeStreet plans to acquire and/or open nearly 1,000 shops across the nation. The Company was created by avid cyclists for avid cyclists, as well as for children, families and even first time cyclists who are considering the sport for exercise and recreation. BikeStreet believes in the importance of the sport and in the need for local independent shops that are run by talented enthusiasts. BikeStreet's strategy is to identify successful shop owners who are engaged with their local communities, bring them into BikeStreet as equity partners, and then help them expand their business to a new level of success as an integral part of the BikeStreet team. In the process, BikeStreet's advanced systems significantly reduce their back-office chores, which frees them to focus on what's most important to them: caring for their customers, servicing bikes and riding.
"We want shop owners who want to be part of something bigger – great leaders to add to our team," says Throgmartin. "It is the collected dedication of everyone involved with BikeStreet that has truly made the brand a success thus far. I have no doubt that the momentum will continue as we look toward the next phase in company growth. And, I look forward to meeting all of our suppliers and distributors in an effort to understand and support their business initiatives in collaboration of growing our sport."
About BikeStreet
BikeStreet is a brand of specialty retail and service bike shops, committed to becoming America's premier cycling retailer. Offering the best selection of bikes, parts, accessories and apparel, BikeStreet is raising the bar on quality, service, selection, style and value in every aspect of cycling for the entire family. BikeStreet focuses on the promotion of the cycling lifestyle through training camps, corporate retreats, VIP custom tours and much more as well as through community and charitable outreach. For more information, visit www.BikeStreetUSA.com, join us on Facebook and follow us on Twitter @BikeStreetUSA.
The photo is also available via AP PhotoExpress.
