A strategic acquisition sees Derek Harmon of Harmon Powersports, Inc. expand his Kentucky powersports footprint, marking a new era for Gateway Cycles
MOUNT STERLING, Ky., February 6, 2024 (Newswire.com)
NE Kentucky multi-location powersports and outdoor equipment dealer Derek Harmon has expanded his powersports industry influence with the acquisition of Gateway Cycles, Mount Sterling, KY, taking over from long-established owners (husband and wife) Carl and Eileen Rosania. The Rosanias, who have diligently run the dealership for over two decades, have grown it from a small parts and service shop to a renowned major multi-line powersports dealer and recipient of multiple Ichiban national dealer awards with Kawasaki and it consistently ranks in the top 2 for its region across all of its product lines. Dealing in top industry brands, such as Kawasaki, Suzuki, CFMOTO, SSR-QJMOTOR, Moto Guzzi, and Kayo, Gateway Cycles will continue its legacy from a nearly 19,000-sq.-ft. facility which was originally occupied by a Piggly Wiggly supermarket.
The change in ownership was shaped by Jerry Szopinski, President of Sales & Networking at Powersports Listings M&A, who orchestrated the match between Derek Harmon and the Gateway Cycles acquisition opportunity. Szopinski, operating alongside Mike Pate, Vice President; David Clay, CIO; and Tom Macatee, CEO of Powersports Listings M&A, successfully navigated the buy-sell process to a successful closing on January 30, 2024.
The Rosanias remarked, “It has been an amazing run building Gateway Cycles for more than 20 years and we thank Powersports Listings for helping us with a successful sale as we plan for a new chapter in life. We have amazing customers and employees and can’t thank them enough for allowing Gateway Cycles to thrive!” Their achievements now pass into the secure hands of Derek Harmon, who enthusiastically embraces this new venture, stating, “Gateway Cycles is a perfect addition to our existing Kentucky powersports footprint. We thank Carl and Eileen Rosania for such a clean transition of ownership.”
Powersports Listings Mergers & Acquisitions (PLMA), the professional powersports industry dealership brokerage centrally located in Dallas, Texas, managed the transaction as the Seller’s representative with team members:
Tom Macatee, CEO
David Clay, CIO
Jerry Szopinski, President of Sales & Networking
Mike Pate, Vice President
Source: Powersports Listings Mergers & Acquisitions