Groupe Bruxelles Lambert (GBL) has signed a definitive agreement to acquire a majority stake in Canyon Bicycles.
Founder Roman Arnold will remain the chairman of the advisory board and reinvest a significant part of his proceeds alongside GBL. As part of the transaction, significant minority shareholder TSG Consumer Partners will fully exit its stake.
“We’ve become a global, digital champion through steady success,” said Arnold. “Through technology, global expansion and sporting success, we have accomplished a lot. Now is the right time to go further on the offensive, to take advantage of all the opportunities – and there are many. That’s why I’m very pleased to partner with GBL, who have convinced my team and me with their passion for our business, years of experience and long-term focus.”
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TSG makes exit from hi-end bike brand Canyon
Transaction will see GBL take a majority stake in bike firm By
Tuesday December 15, 2020 11:16 am
San Francisco-based private equity firm TSG is selling its stake in the German high-end bike brand Canyon to Groupe Bruxelles Lambert, the holding company of the billionaire Frere family of Belgium.
The amount of the deal has not been disclosed, but is reported by the German financial daily newspaper Handelsblatt to be around €800m.
The transaction.