Canyon has announced a strategic equity investment led by LRMR Ventures, the office of LeBron James and Maverick Carter, and SC Holdings, a US-based private equity firm.
The new investors will join the company’s existing shareholders, including majority holder Groupe Bruxelles Lambert (GBL) and founder Roman Arnold to support Canyon’s US growth plans.
Arnold said: “While we were not actively looking for new investors, LRMR and the SC team immediately understood our mission to build the world’s most inspiring and innovative bike company. Their passion for what we are building will make them instrumental members of our team.”
Canyon said it will work with LRMR and SC to increase engagement in the US and in the e-bike category, elevate global brand awareness and deliver the best online shopping experience.
The company is also further strengthening its digital capabilities by appointing Robert Kyncl, chief business officer at YouTube, as a board member.
Carter said: “As an avid cyclist and storyteller, I’m excited about partnering with Canyon,” said Maverick Carter. “The quality of the products, the power of the Canyon brand, and the unique distribution model create a lot of compelling opportunities we want to be a part of.”
SC Holdings founder/managing partner Jason Stein added: “Canyon has been a leader in cycling and a pioneer in direct-to-consumer e-commerce for over 20 years. From professionals on tour to everyday riders on streets and trails around the world, Canyon’s impact on sports and culture is seen everywhere. We are honoured to partner with Canyon, GBL and LRMR, and excited to help capture the growth opportunity in the US.”
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Canyon works with professional teams and stars such as Mathieu van der Poel, Jan Frodeno and Fabio Wibmer, and said it is committed to supporting grassroots athletes and stimulating new riding communities.
Baird acted as financial advisor in this transaction.