Groupe Bruxelles Looks to Capitalize on Growing U.S. Bike Market
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February 3, 2021
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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
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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.”
GBL buys Germany s Canyon Bicyles as pandemic spurs demand reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.