The original version of this story was published on BikeRumor.
There have been far too many stories recently of brands shutting down, employees being let go, and generally hard times for the bike industry. Perhaps the most shocking and saddening to me was the surprise announcement that Revel Bikes was closing. The brand had just unveiled three new bikes, and seemed to have a ton of momentum heading into the Sea Otter Classic.
But that all came crashing to a halt when the brand lost its funding due to the complex economic environment.
Revel Bikes and Why Cycles founder Adam Miller made the decision to sell Revel Bikes to a private equity firm in 2021, saying “that with more capital and infrastructure, Revel could grow into something even bigger, while holding on to what made it special.”
However, as is often the case with private equity firms, what had made Revel special wasn’t as important as growth and increased sales.
“The private equity firm had a very different vision for Revel than I did,” Miller said. “They helped us by making heavy investments in manufacturing and supply chain that built world-class infrastructure—something I believe will benefit Revel for years to come. But they also pursued an aggressive growth-at-all-costs model that didn’t align with the DNA of the brand.
“High inventory, high overhead, and a rigid financial structure left little room for being nimble and adjusting to the times. When funding dried up in a tough macro environment, the company was forced to shut its doors.”
Now the founder has stepped back into the fray to save the company he built.
A Surprising Announcement
Miller was just as surprised as we were to hear that Revel was closing, only hearing the news himself the day before the official announcement. It didn’t take long for Miller to decide that it was time to step back in and save the brand.
“When I left a year ago, I thought and hoped Revel would live on and continue to thrive, but that didn’t happen,” Miller said. “Last month, I found out, just a day before the public announcement, that Revel was shutting its doors. The employees, the community, the customers … we were all left hanging.
“This news was truly devastating to me — I had poured my heart into Revel for the better part of a decade, and I couldn’t just let it disappear. This wasn’t something I planned on doing, but Revel means a lot to a lot of people. I’m excited to work with our awesome team in Carbondale and Taiwan to build Revel into the best world-class mountain bike brand that we can dream up.”
As a result, Revel is back, though it wasn’t a sure thing that Miller would be back at the helm. After JPMorgan foreclosed on the company, there were reportedly 125 offers in just 2 days to buy the brand. Ultimately, the bank didn’t care about the fact that Miller was the founder — they just wanted the most money they could get.
After a tense waiting period to find out if his final bid was accepted, Miller signed the final paperwork yesterday to purchase back all the assets and rights to the Revel Bikes company.
Miller points out that this isn’t an attempt to quickly scale back up the business or build it back up to sell it again: “It’s about building a company we’re proud of — one that makes the best bikes we can dream of, takes care of its customers around the globe in the best way possible, and sticks around for the long haul. Revel is back, and we’re getting to work.”
New Bikes Are Back
Many of Revel’s most popular models will once again be available, including:
- The newly released Ritual: This 170mm travel enduro race bike has internal frame storage, modern features, and “the best CBF platform yet.” It’s available now with frames starting at $3,100 and complete bikes starting at $5,200
- The Revel ReRun eBike: Revel’s first ebike, the ReRun includes the Bosch SX motor. It’s available for pre-order now with a refundable deposit and will begin shipping to customers in July. Complete builds start at $7,000.
- The Revel Rascal SL: This is an improved version of the bike that put Revel on the map (and one that I still own). It now comes with a stiffer, lighter, and better carbon layup. It’s available now with frames at $3,000 and completes at $5,000.
- The Ranger: A modern classic, the Ranger is available in two new colorways with two build kit options and frames at $3,000.
Revel is also offering discounts on a limited supply of last year’s model products. The brand’s office is closed during the last week of May to give the team a break from the craziness of the last few weeks, but Revel is taking orders online and will be back in full operation starting June 2. Find more information on the Revel website.
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