As previously reported, Groupe Bruxelles Lambert (GBL) has acquired a majority stake in Canyon Bicycles, the German direct-to-consumer brand of high-end bikes. According to the Financial Times, the deal gives Canyon an enterprise value of around €800 million including assumption of debt. The newspaper says GBL’s offer to acquire a 60 percent stake in the company had been preferred by Canyon’s founder, Roman Arnold, over other those of other candidates, including KKR and Carlyle, because GBL is a family-backed group that tends to keep its investments for a long time. With a market capitalization of over €13 billion, GBL is one of the major shareholders of Adidas. Arnold, who is reinvesting a significant part of the proceeds from the sale of its shares, apparently needed new financing to keep up with an expected growth of 30 percent this year. Because of the strong demand for its products, which are available online for up to €12,000 a piece, the growth could have been higher without the current constraints on its supply chain. GBL’s support and that of Tony Fadell, a former senior vice president of Apple who helped develop the iPod, should also help Arnold’s company to implement its new “Canyon Future Mobility Concept” for a four-wheeled pedelec cum e-bike, called Podbike, which it unveiled at the beginning of September.

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