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Founded in 1971 by Joe Montgomery and Murdock MacGregor, Cannondale was initially created to manufacture precast concrete housing. Then Ron Davis, a vice president at CBS Laboratories where he was in charge of the development of microfilm reproduction, joined Cannondale. He was a talented mechanical designer as well as inventor who came armed with ideas for a combustion engine that would be fueled by ammonia.

If those were ideas were realized, it would be a great step with regard to warfare in logistics as well as middle-eastern politics. Davis set to work with the assistance of MacGregor and the two managed some astounding success. They were able to replicate and surpass the results that had been achieved by the Allison Engine which was at the time a branch of General Motors.

The company was consequently faced with the responsibility of investing a huge amount of capital in order to get a viable model to install into an automobile. To raise this capital, Joe decided that the company could market other products. By this time, two more talent from CBS-John Winstrad and Jim Catrambone-had joined the Cannondale team.

After a bike trip with his son, he considered the idea of developing the Bugger bicycle trailers which came with cloth bags and cargo carriers designed by Winstrad. The bags proved to be even more of a hit with the dealers than the trailers. While they bought the trailers as well, the bags generated more interest.

In 2003, Cannondale introduced five ATVs and six bike models. Well known models include C440R and E440. The company tried to revamp its off-road motorcycles but its efforts bore little fruit and eventually, the firm went bankrupt. It was acquired by Pegasus Partners for US$58million. At the beginning of 2008, it was purchased by Dorel Industries from Pegasus after recording sales of approximately $200 million the previous year. Dorel has its headquarters in Montreal and operations in North America as well as in Europe. It also owns Pacific Cycles which is renowned for its superb brand of motorcycles. Operating in fifteen countries, Dorel employs about 4,700 workers and records US$1.8 billion per year selling in more than sixty countries all over the world.