BikeBiz Bicycle and cycling retail news
The Riverside Company has signed a definitive agreement to invest in German cycling e-commerce specialist Bike24.
Bike24’s business focuses on bicycle parts, accessories and clothing, with a market position catering to ‘bicycle enthusiasts’ in Germany and across Europe. The acquisition from WiggleCRC is expected to close later this year.
This is Riverside’s second partnership with the company, having made its first investment in 2015.
“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 added: “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.”
Working with 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.
