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Reviews Takeover: Bicycle manufacturer Canyon is sold to Belgium

11:30  15 december  2020
11:30  15 december  2020 Source:   handelsblatt.com

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The investment company GBL outdoes financial investors. The bidding war drove the valuation for the Konstanz company up - to 800 million euros.

Das Unternehmen rüstet auch Profi-Radfahrer aus. © Pool via REUTERS The company also equips professional cyclists.

In the bidding process for the German bicycle manufacturer Canyon Bicycles, there is a surprising award. After months of tug-of-war, the Belgian holding company Groupe Bruxelles Lambert (GBL) now made the race.

Canyon manufactures high-quality conventional bicycles and e-bikes and claims to be the global leader in the “direct to consumer” market. Sales have increased by an average of 25 percent annually over the past seven years and now reach over 400 million euros. The company with its European headquarters in Koblenz and the US branch in Carlsbad, California, employs 900 people in 35 countries.

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Canyon Bicycles GmbH (abbr.: Canyon ) is a German manufacturer of road bikes, mountain bikes, hybrid bikes, triathlon bikes and e-bikes based in Koblenz, Germany.

Canyon muscles its way into the billion U.S. bicycle market to sell bikes online. On Friday, shares of Toronto-based manufacturer Dorel were flat at , while Taiwan-based Giant Manufacturing 's shares dipped 0.64 percent, to 5.

Most recently, according to information from negotiating circles, four financial investors - including KKR and Carlyle - tried to get the company, the valuation, including debts, should have risen to up to 800 million euros. The bicycle boom in the current corona crisis additionally heated the bidding competition, the online direct sales provided further imagination. According to financial circles,

GBL will hold more than 50 percent of Canyon. In addition, former Apple manager Tony Fadell will join with a minority stake. He was instrumental in the development of the iPod and iPhone. In 2010 he co-founded Nest Labs, which was sold to Google.

He will also work as a consultant for Canyon through his Future Shape think tank. US private equity investor TSG Consumer Partners will part with its minority stake in the course of the transaction.

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Canyon sells direct-to-consumers on its web site, with no dealer network and bikes almost fully assembled and shipped direct to the end buyer. Last year, when Trek announced it would start to sell direct to customers on its web site, CEO John Burke mentioned Canyon ’s long-known desire to

Canyon Bicycles . German engineered bikes, sold exclusively online & shipped direct to your door. #MyCanyon Follow @ canyon _cllctv youtu.be/iq9mVy8Awto.

The founder and Chairman of the Board of Directors Roman Arnold will stay on board. The sales process was organized by the investment boutique Robert W. Baird & Co, GBL is said to have been looked after by the US investment bank Goldman Sachs.

Canyon wants to expand its US presence

Canyon has only been producing bicycles itself since 1996 and has grown rapidly since then. The operating profit for the most recent financial year was recently estimated by industry observers at 50 to 55 million euros.

GBL CEO Ian Gallienne wants to invest primarily in the expansion of the US presence and new digital applications at Canyon. Overall market growth is estimated at around ten percent annually in the coming years, and even higher for e-bikes.

The Canyon brand is primarily known to professional cyclists, but is now also finding buyers among normal buyers. Canyon has managed to set up direct online sales which are estimated to be 25 to 30 percent cheaper than stationary sales.

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My interview with Canyon Bicycles founder and CEO Roman Arnold about how becoming a major player as a D2C bike manufacturer starts with making great bikes. They changed the name to Canyon in 2001 when they started making bikes they sold online and delivered directly to customers.

Canyon – – rated 3.8 based on 170 reviews "Worst company I've dealt with in a long long time. When ordering a bike and your told you will have " At Canyon we are aware of our duty towards our customers and to the cycling community as a whole, wh

GBL does not see itself as an classic private equity company , but as a financier for investment horizons between ten and 15 years. In addition to a double-digit return on investments, GBL, as a listed company, also pays attention to the ability to pay dividends.

The sporting goods manufacturer Adidas and the mechanical engineering company Gea are among the best-known holdings in Germany. GBL was previously known for minority stakes, but with the Canyon transaction, majority stakes should also be added to the portfolio in the future.

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