Spin off from Ridgeback and split out to look increasingly separate (don't know how separate now) by Madison from what I gather. But it is a good way to stop dilution of a brand. Ridgeback have gone specifically for the lower cost end with leisure bike. the mass market I guess. Spin off your high end bikes that have and need street cred by the teens, adult and magazines to sell well.
Think of Marin and Trek and similar, there brand was diluted BiTD due to their cheap end and gained an image of 'crapness, not having one of them' from the yoofs (aka us lot). So now the image is tarnished with people of a certain retro age and it still holds strong today.
The likes of Orange, Kona probably the two largest(popular) mass market 'other' bikes at the time still hold a strong image. They didn't have such a bottom end.
Though Marin and Trek knew the cheap n cheerful leisure market was VERY profitable.