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                                   EXHIBIT 21
 
                         LIST OF OPERATING SUBSIDIARIES
 


                                                                                 JURISDICTION OF
                                NAME OF COMPANY                                   ORGANIZATION
- -------------------------------------------------------------------------------  ---------------
                                                                              
Cannondale Europe B.V. ........................................................  Netherlands
Cannondale Japan KK............................................................  Japan
Cannondale Australia Pty Limited...............................................  Australia