Trilantic Europe, a private equity firm focused on mid-market transactions in Europe, has invested in Denver, a manufacturer of bicycles and e-bikes for large European retailers.
Michele and Giuseppe Beraudo, the two co-founders of Denver, will remain as minority shareholders.
Based in Dronero (Italy) and founded more than 20 years ago, the company offers a wide range of products such as: e-bikes, city bikes, mountain bikes, leisure bikes and children’s bikes. The company sells more than 800,000 bicycles per year in Europe (with Italy and France currently being the core markets) and revenues are evenly split between traditional bicycles and e-bikes. The company’s revenues exceed EUR110million and have doubled in the last three years.
Denver operates in a fast-expanding sector with strong ESG credentials. It is driven by the considerable increase in bicycle sales since the beginning of the pandemic lockdowns, the growing demand for the environmental, health and leisure benefits of cycling as well as the switch away from public transport to alternative urban mobility solutions.
Giacinto d’Onofrio, Partner at Trilantic Europe, says: “Denver has an excellent performance, a strong reputation, and has the right competitive position to benefit from the expected growth of the bike sector, driven by clear and favourable macro trends. We plan to accelerate the company’s growth both organically and through acquisitions as the bike manufacturing sector is fragmented in Europe. This transaction is perfectly in line with Trilantic Europe’s strategy to acquire from their founders high-potential mid-market companies operating in attractive sectors, to accelerate growth and enhance value creation”.
Michele and Giuseppe Beraudo, co-founders of Denver, adds: “We look forward to working with the Trilantic Europe team to further expand Denver’s activities through organic and inorganic investments. We are confident that, with the support of Trilantic Europe, Denver will be very well positioned to capture the various opportunities the company has.”
