ATP, Parent Of Vision, Winkel, Looking For Equity Partner
By CAROLINE SPAETH   Publication: Bicycle Retailer   Date: Sunday, July 1, 2001

MOUNTAIN LAKE TERRACE, WA—Advanced Transportation Products (ATP), the parent company of Winkel Wheel and Vision Recumbents, is looking for an equity partner. The nine-year-old company began as Vision but later incorporated under ATP. It acquired Winkel Wheel last year.

"We're at the classic stage of a business where we're looking for a second round of capitalization to allow us to continue this level of growth," said Joel Smith, ATP's president and chief executive officer. "Instead of just building recumbents, we have taken a broader view of the industry. We have devoted substantial resources to give us the necessary infrastructure and expertise to diversify into other areas," Smith said.

ATP has become a manufacturing facility for its own bikes and wheels and for original equipment customers. ATP also does design, assembly, wheel building, powder coating and packaging for a number of companies. ATP imports and assembles K2's high-end bikes for the U.S. market. It also designs, manufactures and assembles bicycles for Browning Industries.

Winkel Wheel, ATP's wheel division, builds wheels for many suppliers, including Performance, Santa Cruz and Shimano. Winkel currently uses only a fraction of its capacity. "We're doing a lot of different things to grow the company and it takes money to do that," Smith said. "Ideally we would like to have someone who can complement the capabilities we have or brings in expertise we don't have."

Last year, the company had sales near $3 million and has been growing about 30 percent each year for the past five years. The company has 30 full-time employees. "We want to expand our business to meet demand, and develop additional products we see a demand for. We're looking for a partner that will help us get there more quickly," said Greg Bower, who co-founded the company with Smith and Grant Bower.