Dero Bike Rack Co., a Minneapolis-based maker of racks and storage products for bicycles, has been acquired by a Tennessee company that makes a broader array of recreation and playground products.
PlayCore Holdings Inc., based in Chattanooga, Tenn., said Dero will be part of the company's EverActive Brands division, which already has operations in Mendota Heights. Terms of the deal were not disclosed.
Dero, founded in 1995, will continue to make bike-parking equipment in Minneapolis, and its management team will be based in Mendota Heights, according to a PlayCore statement issued Tuesday.
Dero co-owner Hans Steege declined to comment on the transaction and referred inquiries to a PlayCore official who was not available.
PlayCore companies make an array of recreation and playground products under various brands. They range from playground equipment such as Swing-N-Slide in Janesville, Wis., to fitness equipment like Everlast Climbing and StartFit, both based in Mendota Heights. PlayCore also manufactures playground surfaces.
It is owned by Irving Place Capital, a private equity firm in New York.