A prominent powersports dealership in Mount Sterling, KY, has been sold to a new owner after more than two decades of growth and excellence. Gateway Cycles, which offers a range of top industry brands such as Kawasaki, Suzuki, CFMOTO, SSR-QJMOTOR, Moto Guzzi, and Kayo, was acquired by Derek Harmon, a multi-location powersports and outdoor equipment dealer from NE Kentucky.
The deal was facilitated by Powersports Listings M&A, a professional brokerage firm based in Dallas, Texas, that specializes in the powersports industry.
Jerry Szopinski, the President of Sales & Networking at Powersports Listings M&A, matched Harmon with the opportunity to buy Gateway Cycles from its long-established owners, Carl and Eileen Rosania.
The transaction was completed on January 30, 2024, with the assistance of Mike Pate, Vice President; David Clay, CIO; and Tom Macatee, CEO of Powersports Listings M&A.
Carl and Eileen Rosania, who have run Gateway Cycles for over 20 years, expressed their gratitude to Powersports Listings M&A for helping them with a smooth and successful sale.
They also thanked their loyal customers and employees for their support over the years. “It has been an amazing run building Gateway Cycles and we can’t thank them enough for allowing Gateway Cycles to thrive!” they said.
Derek Harmon, the new owner of Gateway Cycles, said he was excited to take over the dealership, which operates from a nearly 19,000-sq.-ft. facility that used to be a Piggly Wiggly supermarket. He praised the Rosanias for their achievements, which include multiple Ichiban national dealer awards with Kawasaki and consistently ranking in the top 2 for their region across all product lines.
“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,” he said.