Fort Lauderdale, Fla. -- Bicycle retailer BikeStreet announced the appointment of former Hhgregg executive VP & COO Gregg Throgmartin as CEO. With 17 shops opened since the brand’s founding in 2012, BikeShop aims to acquire and/or open nearly 1,000 shops across the nation under Throgmartin’s leadership.
“As an investor in BikeStreet, I’ve been watching the growth of the company since they launched,” Throgmartin said. “Now, I look forward to having a direct role in it. 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.”
Throgmartin helped grow his family business, Hhgregg, 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 Hhgregg’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.
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.
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.