By Mike Turner
21 Jan 2021
A trio of European corporate issuers brought bond deals on Thursday, shrugging off the potential distraction of a European Central Bank meeting.
Italian multi-utility Acea issued its debut green bond in euros and the UK’s United Utilities Water a sustainable bond in sterling, while Belgian investment holding company Groupe Bruxelles Lambert (GBL) issued a conventional January 2031 bond.
The two ESG deals were the most popular of the day. “It’s ESG,” said
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By Mike Turner
20 Jan 2021
Deals are lining up in Europe’s high grade corporate bond market and bankers say even Thursday s European Central Bank meeting will not put a dent in primary demand on the day.
Italian multi-utility Acea and Belgian holding company Group Bruxelles Lambert have mandated for bond issues.
“Tomorrow[ s ECB meeting] is a non-entity,” said a lead banker on one of the trades. “It won’t make any difference at all.”Acea, rated Baa2/BBB+, has hired a plethora of banks to arrange its debut
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Canyon Bicycle Business
Canyon, the large bike manufacturer, has been in the news at year-end 2020. The first announcement was an acquisition by an acquirer that surprised the market, followed by a billion-dollar investment in a new electric pedal car.
The shareholder group that owns the lion’s share of adidas, Groupe Bruxelles Lambert (GBL), took a controlling stake in Canyon Bicycles near the end of 2020. Banking on the continued trend in rising global premium bicycle sales, GBL, the Brussels-based holding company, has valued its new investment at almost a billion dollars. Canyon Bicycles, a Germany-based company, experienced surging popularity during the global pandemic, with social distancing protocols drawing users to outdoor cycling as a reprieve.
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November 5, 2020 Canyon Bicycles GmbH. As a result,
TSG Consumer Partners is exiting its stake. Outdoor activities such as bike riding have become very popular during the pandemic, and demand for those products have surged.
“Canyon has long been a lone pioneer in the cycling market for the past 20 years as the only significant direct-to-consumer player while most competitors dismissed DTC in favor of independent wholesale distribution,” says
Blythe Jack, managing director,
TSG Consumer Partners. “Canyon’s world class product range and its DTC strategy has been a powerful combination as revealed during the global pandemic as demand for premium cycling products delivered via e-commerce has boomed. As a result of Canyon’s unique ability to meet the consumer with the product they want in the channel they prefer, the company has been well positi
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.”