Interesting obit in the Mercury-News. Mr. Hoffacker graduated from Palo Alto High School in 1934. Played pro baseball with the old San Francisco Seals team. Took over the family business during WW2 (Palo Alto Sport and Toy Shop, now owned by his nephew). Founded Palo Alto Bicycles in 1973. His sons founded the Avocet company and sponsored a young Greg LeMond during the 1970s. His sons also took over Palo Alto Bicycles when their father retired.
More details here: http://www.mercurynews.com/ci_13966727