Here's the Deal
Baird's Investment Banking Group is pleased to announce the following transaction:
Canyon Bicycles GmbH (“Canyon” or the “Company”), a company jointly owned by the founder Roman Arnold and TSG Consumer Partners, LLC (“TSG”), recently announced its majority stake sale to Groupe Bruxelles Lambert SA (“GBL”). As part of the transaction, TSG will fully exit its minority stake. Roman Arnold will remain the Chairman of the Advisory Board and reinvest a significant part of his proceeds alongside GBL. Tony Fadell, Principal at Future Shape, LLC, will also co-invest alongside GBL and be a member of the Advisory Board. Tony was the SVP of Apple’s iPod Division and led the teams that created the iPod and the iPhone. He founded Nest Labs in 2010 which he ultimately sold to Google. Terms of the transaction were not disclosed.
What started in founder Roman Arnold’s garage as Radsport Arnold has evolved into one of the world’s pioneering and leading direct-to-consumer manufacturers of road, mountain, triathlon, fitness and urban bikes as well as modern e-bikes. Officially renamed in 2002, Canyon works hand-in-hand with the best athletes on the planet to produce an array of award-winning bikes that embody a pure passion for riding. With a strong reputation for true innovation, implementing leading technologies, clean and clear design as well as the highest standards in quality and service, Canyon continues to expand worldwide, selling the majority of its bikes outside of its native Germany since 2008.
TSG is a leading private equity firm that partners with founders and management teams to build and accelerate growth for best-in-class consumer-facing businesses. Since its founding in 1987, TSG has been an active investor in the food, beverage, restaurant, fitness, beauty, personal care, household, apparel & accessories, and e-commerce sectors. Representative past and present partner companies include American Technologies (ATI), Backcountry, BrewDog, Canyon Bicycles, CorePower Yoga, Duckhorn Wine Company, Dutch Bros, Huda Beauty, Pathway Vet Alliance, Planet Fitness, Power Stop, REVOLVE, Robinhood, Revolut, Scopely, Stumptown and vitaminwater.
GBL is an established investment holding company, with over sixty years of stock exchange listing, a net asset value of EUR 18 billion and a market capitalisation of EUR 12 billion at the end of September 2020. GBL is a leading investor in Europe, focused on long-term value creation and relying on a stable and supportive family shareholder base. GBL strives to maintain a diversified high-quality portfolio composed of global companies, leaders in their sector, in which it can contribute to value creation by being an active professional investor. GBL seeks to provide attractive returns to its shareholders through a combination of a sustainable dividend and growth in its net asset value. GBL is listed on the Euronext Brussels stock exchange (Ticker: GBLB BB ; ISIN code: BE0003797140) and is included in the BEL20 index.
Future Shape, led by Tony Fadell, is a global advisory and investment firm coaching engineers, scientists, and entrepreneurs working on foundational deep technology. With 250+ startups in its portfolio, Future Shape seeks to bring technology out of the lab and into our lives. Headquartered in Paris at Station F, Future Shape has grown over the past ten years to embolden companies beyond Silicon Valley. Future Shape mentors founders to get the fundamentals right for lasting innovation: a clear product definition, delightful user experience, thriving business ecosystems, and marketing that triggers both desire and need.
For additional information about this transaction, please contact: