Kentucky dealer expands with acquisition of Gateway Cycles
Gateway Cycles, located in Mount Sterling, Kentucky, has been acquired by existing dealership owner Derek Harmon. Harmon owns multiple powersports and outdoor equipment dealerships in Northeastern Kentucky and continues to expand his reach in the powersports industry with this acquisition.
The former long-established owners, Carl and Eileen Rosania, are husband and wife. The Rosania’s have diligently run the dealership for over two decades and have grown it from a small parts and service shop to a renowned major multi-line powersports dealership. The dealership has received multiple Ichiban national dealer awards through Kawasaki and consistently ranks in the top two for its region across all of its product lines. The dealership carries Kawasaki, Suzuki, CFMOTO, SSR-QJMOTOR, Moto Guzzi and Kayo and is located in a nearly 19,000 square foot facility that was originally occupied by a Piggly Wiggly supermarket.
The change in ownership was shaped by Jerry Szopinski, president of Sales & Networking at Powersports Listings Mergers & Acquisitions, 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, navigated the buy-sell process to a successful closing on January 30, 2024.
“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,” The Rosania’s say. “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), a professional powersports industry dealership brokerage centrally located in Dallas, Texas, managed the transaction as the Seller’s representative.
