GCA Altium has acted as exclusive financial advisor to The Riverside Company and the founder management on the sale of Bike24, a German online retailer of cycling and tri-sports equipment, accessories and apparel.
Pending regulatory approval, the transaction is anticipated to close in the coming months. Riverside is not disclosing terms.
The planned buyer is WiggleCRC, the leading online retailer of cycling, running, swimming and triathlon (Tri-sports) products and accessories, and portfolio company of Bridgepoint.
At the time of Riverside’s investment in 2015, Bike24 was a German leader in online bike retailing due to its superior product portfolio, which helped build a strong brand and loyal customer base. Riverside focused on expanding Bike24 and professionalizing the business, helping the company nearly double in size thus far during the hold.
“Bike24 had a well-known brand in the German region, but still had ample opportunity to grow,” says Riverside Partner Michael Weber. “Together with an outstanding team at Bike24, we worked on numerous initiatives to drive growth. For instance, we made significant investments to upgrade the infrastructure by implementing an automated warehouse to expedite shipping and enhance inventory processes, and also strengthened the leadership team by bringing on board a strong CFO. It’s been a very successful partnership.”
Andrés Martin-Birner, Co-founder of Bike24, was pleased with the outcome. “We thank Riverside for the successful partnership over the past few years and look forward to joining forces with WiggleCRC,” he says.
Phil Adams, chief executive at GCA Altium, says: “Bike24 represents another successful ecommerce transaction advised by GCA Altium, and demonstrates our growing leadership within that vertical. It’s been hugely rewarding to work closely with the Bike24 team again, with a second successful sale in just three years.”
