Canyon Bicycles has this week seen a new majority interest back the company, with TSG exiting its minority stake simultaneously.
The reshuffle of stakes in the business promotes Groupe Bruxelles Lambert (GBL) as the second largest stakeholder, behind Roman Arnold, who remains the largest individual shareholder of Canyon Bicycles GmbH with 40 percent of the shares.
Canyon makes the investor reshuffle at a crossroads where it describes needing a fresh injection of funding and experience to capitalise on various development opportunities, as well as growth anticipated for the European and US markets. Notably, the company has been toying with new mobility ideas in recent history and seeks to pioneer new concepts and steer legislative updates on transport.
As a co-investor alongside GBL, Tony Fadell, former head of Apple’s iPod division, and also a passionate cyclist, is joining Canyon with the support of his entire team. With his company and Future Shape team, which is focused on sustainability, he supports companies in bringing innovative digital technologies out of the lab and into everyday use.
“Roman and his team have built an incredible business over the past 20+ years. We are honored to help drive Canyon’s inspiring brand to meet the growing interest in bicycles – from trail to track to commuting, while cars stay parked,” said Fadell.
“We’ve become a global, digital champion through steady success. 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 they 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”, said Arnold, the founder and Chairman of the Advisory Board.
Ian Gallliene, CEO of GBL, is equally excited about the new partnership: “Canyon has an incredible track record, a strong team and great potential. We are very happy to partner with Roman Arnold and the Canyon team. Together we want to take the success story to the next level.”
In the past seven years, average growth of the German based business has been at 25 percent. In fiscal year 2020, sales topped 400 million euros for the first time, driven by Canyon’s strong portfolio, technology and development expertise as well as continued expansion in the US market.
TSG has now fully exited its stake in the business. The transaction is expected to be completed, once the necessary regulatory authorisations are received, during the course of Q1 2021.