Bike24 is one of the German cycling scene’s larger online platforms for cycle components, accessories and clothing. Sales of swimming and triathlon gear also goes through the platform. The re-acquisition is expected to close by the end of the year.
“We are enthusiastic about joining forces with the Bike24 founders and management team once again,” said Riverside Partner Dr. Michael Weber. “During our first partnership, we focused on improving the infrastructure of the business. Now we plan to further strengthen the company’s international presence in Europe. In addition to strong organic growth in the future, we will also actively pursue add-on opportunities.”
Bike24 founder Andrés Martin-Birner said of the relationship renewal: “During its first ownership, Riverside was a strong and reliable partner and supported us in growing, professionalizing and automating Bike24’s operations. We are excited to continue the success story with Riverside in a second ownership period.”
Having invested heavily in speed of delivery and stock levels, Bike24 is well-positioned to deliver domestically and further afield.
The global private equity firm has form in investing in strong digital business models and has a portfolio valued at $400 million and with over 600 investments on its books.. For the firm there is a belief that healthy and ecologically friendly industry’s such as cycling will grow in mainstream relevance in the coming years.
At the time of the original sale, Bike24 was set to take WiggleCRC’s international sales from around 50% towards 60% of business. Back then WiggleCRC already had over 2.2 million active customers in over 70 countries.
Working with Dr. Weber on the deal for Riverside were Principal Matthias Fink, Vice President Tillmann Immisch, Senior Associate Florian Halama, Associate Simon Behnken and Associate Nicola Tomaschko. Ivica Turza, who leads origination in DACH, sourced the opportunity for Riverside.
WiggleCRC is itself the pairing of two online retail giants, Wiggle and Chain Reaction.