Global brand Thule has acquired the rights for the rack system, believed to be the first fully adjustable, self-securing bicycle carrier rack. A price was not disclosed for the acquisition.
Founder Pat Maguire and designers Gary Gibson and Tim Armstrong have been in Friedrichshafen, Germany, this week for the Eurobike 2012 fair.
The Thule Pack 'n Pedal, a bag and carrier system for bikes which incorporates the Freeload racks, was unveiled at the fair.
Freeload director Mr Maguire's son Mike Maguire described the collaboration with Thule as "super-exciting" for the future of the Dunedin company.
Pat Maguire founded Freeload in 2007 to design, develop and commercialise his rack system invention.
The system provides a means of attaching a rack directly to the front and rear of bikes, using a patented attachment method that was easy to fit and quick to release.
It provided an opportunity for riders to place loads on the bike, rather than be limited to a backpack.
Pat Maguire has a history in design and innovation starting in the early 1970s when, as a keen cycle-riding teenager, he was designing and building his own bicycles.
Since then, his working career has spanned the fields of engineering, education, design and business.
In 2009, with a manufacturing partnership in place in Taiwan and with Mike Maguire, of Westpac Business, and Jason Rogers, of James and Wells Intellectual Property, as co-directors, Pat Maguire was joined by Mr Gibson and Mr Armstrong to expand the product range and begin developing a worldwide distribution sales network.
The network grew quickly, exclusive distribution agreements having been signed in 12 countries by the time sales numbers reached 7000 units at the end of 2011.
The product had proved very popular and had attracted a lot of attention, but, to reach a global scale, it needed to partner with an international firm, Mike Maguire said.
The Thule brand, which was established in Sweden in 1942, sells a wide range of accessories to simplify the transportation of gear and equipment.
When Pat Maguire started Freeload, he was inspired by the Thule load-carrying systems and products for cars and set out to design a modular platform that could be used by riders in much the same way.
"Freeload's focus and passion is design innovation, so to see Thule introduce our rack designed by us here in Dunedin to the rest of the world as part of their new and innovative Pack 'n Pedal range is not only appropriate but very satisfying and exciting for us to be part of," he said in a statement.
Thule Pack 'n Pedal would be available in selected independent bike shops in major cities in Europe, North and South America later this year, and a wider launch in more stores and an extended range with more products was to follow next year.
Mike Maguire said the Freeload team would be working with Thule on future products and there was also potential in the future for more jobs to be created.
