MISSISSAUGA, ON, Oct. 12, 2022 /PRNewswire/ - North Arc Capital is pleased to announce that they have acquired the Project 321 brand and bicycle hub related assets from JLSO, Inc. Project 321 is the industry leader in high-engagement, magnetic-pawl mountain bike hubs.
Project 321, Inc. ("Project 321") is a newly-formed, stand-alone entity that was incorporated to complete this acquisition. North Arc has a proven history of building businesses based on innovative, highly-engineered products with specific expertise in Wire EDM fabrication, CNC machining and complex assembly processes. These capabilities will be leveraged to give Project 321 significant capacity on day one.
"This acquisition is fully aligned with our long-term strategic goals of diversification and an increased presence in the precision manufacturing of outdoor sporting goods components" said Bryden Richardson, CEO of North Arc Capital. "The reputation of the Project 321 brand, combined with the recently announced Stan's M-pulse hub supply deal, make Project 321 an ideal platform to enter the cycling industry. We are extremely fortunate to be able to learn from Project 321's years of experience. Project 321 products initially utilized Industry Nine's pawls and drive rings and evolved to its current magnetic pawl design which has seen years of refinement and dependable use in the field."
"Our intent is to drive a step-change in the performance and durability of bicycle hubs. We have previously demonstrated the ability to patent and commercialize industry-leading sporting goods components with TriggerTech, and our ambition is to do something comparable in the bicycle hub space."
The purchase has closed, and manufacturing is currently shifting to Mississauga, Canada. The G2 hub has been discontinued and a brand-new G3 hub, which has some common components with the Stan's M-pulse hub, is in the final stages of testing and its official release date will be announced this quarter. Project 321 will continue to support G2 customers with warranty and service needs.
"The JLSO team is pleased to see our designs joining the North Arc family of companies. We will continue to collaborate on Project 321 to further grow and expand the business footprint," said Jake Liles, President, JLSO, Inc. "Our companies are well aligned in that we both focus on customer service, innovative products, manufacturing excellence, and being good stewards of the environment."
North Arc Capital is a Canadian partnership of capital providers and experienced business leaders that aim to build great businesses with a focus on advanced manufacturing of proprietary products. It has grown TriggerTech to become an industry leading component supplier and developed North Arc Precision as an advanced manufacturer of parts and assemblies. North Arc Capital Partners is actively pursuing new opportunities. www.northarccapital.com
The Project 321 Holdings Inc. is a newly formed, stand-alone entity that was incorporated to acquire the Project 321 assets. It will serve as a platform for growth in the cycling components market for North Arc Capital. www.project321.com
North Arc Precision is a precision manufacturing business with specific expertise in Wire EDM fabrication, CNC machining and complex assembly processes. North Arc Precision operates out of a 42,000 sqft facility in Mississauga, Ontario and is capable of handling complex manufacturing and assembly projects at an automotive scale. www.northarcprecision.com
TriggerTech was founded in 2013 and has become an industry leader in rifle and crossbow triggers. The company pioneered and patented its zero-creep technology and has become a supplier to major OEMs, Custom Builders, Military & Law enforcement operators, and various aftermarket channels. TriggerTech also supplies triggers to support Ukraine's war effort, something that is particularly meaningful given the high concentration of employees with Ukrainian heritage that the company proudly employs. www.triggertech.com
JLSO has sold all bicycle hub assets, including the Project 321 brand, to Project 321 Inc. JLSO will continue to operate its machine shop in Bend, Oregon and will continue to make its automotive accessories. JSLO, Inc. will remain tooled up for hub production and will support Project 321 with new product development and as a U.S. based backup supplier.
SOURCE Project 321 Inc.
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