Tully & Holland announces sale of Terry Precision Bicycles for Women, Inc. to a newly formed management group

May 1, 2009

Tully & Holland, Incorporated is pleased to announce another successful conclusion to a sell-side M&A advisory engagement. The firm initiated this transaction and represented Terry Precision Bicycles for Women, Inc. of Macedon, New York in the sale of the company to a newly formed management group led by the former CEO of Vermont Teddy Bear Company.

Terry is a leading designer and distributor of women's cycling apparel, bicycles and accessories. Its sales are primarily direct to consumers through catalogs and the internet, but its products are also sold to bicycle dealers located throughout the United States.

The company was founded in 1985 by Georgena Terry and was later joined by partner Paula Dyba. Ms. Terry is an iconic name in the bicycling industry and has been named one of four women's cycling pioneers by Bicycling Magazine. She is an avid cyclist riding 6,000 miles per year.

Terry was the first to establish a bicycle market that specifically addresses the needs of women through her sophisticated designs of bicycles and cycling apparel. Terry's innovative and patented bicycle saddles offer comfort to both men and women while riding. In addition, Terry publishes the leading catalog and website devoted to women's cycling products.