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Spanish performance bicycle brand Berria Bikes has reaffirmed its international expansion plans with the introduction of Suma Capital.
Suma Capital is a multi-asset manager in sustainability funds and joins the project as a minority shareholder.
The investment will be mainly utilised to support the company’s growth in foreign markets and also provide resources to strengthen its structure and balance sheet.
Berria Bikes, founded by professional cyclists David and José Vitoria, closed the financial year up to June 2022, with a turnover of €16 million, a 55% increase on the previous financial year.
During the first half of that year, July to December 2021, 35% of total sales came via the international market, up from 25% over the same period in 2021.
The introduction of investment from Suma Capital reinforces the company’s business plan for the coming years, with the Vitoria brothers remaining at the head of its management.
David Vitoria will remain as CEO while José will continue to lead on design and development in his role as global product manager.
David Vitoria said: “Suma Capital is the ideal partner to support us in this new and exciting phase for the company, where our goal is to continue penetrating the international market and continuing to create a leading brand in the high-performance segment.
“Berria Bikes and Suma Capital share the same values, especially regarding the importance of sustainability.”
Suma Capital closed the transaction without ruling out complementary shareholding acquisitions in order to enter new markets, or promote new product categories.
In addition, the firm will support Berria Bikes with its expansion capital fund, SC Growth Fund II, endowed with €160 million.
The fund seeks to support profitable Spanish companies to accelerate growth plans, with both majority and minority stakes.
Manuel Cebrián, Suma Capital partner, said: “At Suma Capital, we are very excited to be working with such passionate people in David and José, and ensuring Berria Bikes continues to reach new heights and becomes one of the top 10 bicycle brands in Europe.
“Our investment will help provide the human and material resources needed to maintain the company’s healthy growth, both organically, through acquisitions, and by implementing the best financial, organisational and environmental practices.”
Berria Bikes currently has more than 400 specialist points of sale in 30 countries.
The Spanish company is distributed in the UK by Ultra Sport Europe who showcased the brand earlier this year at COREbike.
