Earlier this year news spread quickly around the mountain bike community of Race Face’s demise, the legendary component manufacturer closing down due to financial turmoil. You can read the details of that right here if you missed it.

Today, Canadian mountain bike site Pinkbike has revealed that the company will be saved in a last minute bidding war for the remnants of the brand. Former Race Face VP of Sales Chris Tutton, who joined the company in 1994, will step in to save the company as the new Managing Director.

“I have always believed in the Race Face brand and in the quality of the products we make,” said Tutton. “We will build upon a very solid foundation and continue to meet the needs of our current customers, while expanding our market and focusing our product line.”

It’s said that the company will remain based in Vancouver and employees will be rehired under the new business structure. Production is expected to restart within a few weeks.

This is fantastic news, said Darren Mabbott, Managing Director of Silverfish, Race Faces UK distributor: “I was always confident that a buyer would be found for Race Face, but to hear that Chris Tutton has bought Race Face is a huge boost to the brand.I have known Chris and worked with him for over 12 years. He is passionate about Race Face, focuses on quality and innovation, and brings a high level of professionalism to the table. Race Face will thrive under Chris control, and the future once again looks bright.”

More on this story soon.