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German-based Canyon bicycles is set to be acquired by the Groupe Bruxelles Lambert (GBL), a Belgian-based investment group.
Canyon founder Roman Arnold remains the largest individual shareholder in Canyon, with 40 percent of its shares.
GBL is the largest shareholder in Adidas and a major investor in Pernod Ricard, a French company that owns alcohol brands including Absolut Vodka and Glenlivet.
GBL was joined by Tony Fadell, a former senior vice president of Apple’s iPod division and co-developer of the iPod, who is now the owner of a sustainability-focused company.
Fadell, who also co-founded Nest Labs, is a principal in Future Shape, an advisory and investment firm that works with businesses involved with sustainability efforts. He is also said to be “a passionate cyclist.” Future Shape has previously invested in Superpedestrian, a supplier of e-bikes to share programs.
Fadell said, “Roman [Arnold] and his team have built an incredible business over the past 20-plus years. We are honored to help drive Canyon‘s inspiring brand to meet the growing interest in bicycles — from trail to track to commuting, while cars stay parked.”
Fadell’s involvement suggests that Canyon, will continue to expand in e-bikes and other mobility vehicles, such as the four-wheeled Future Mobility Project vehicle concept it showed in August, called the Podbike.
The U.S. group TSG Consumer Partners had made a significant investment in Canyon in 2016, which came to a conclusion this year, leaving Canyon to launch a search for a new equity partner.
GBL and Canyon did not release a sales figure, but Financial Times said sources familiar with the transaction valued it at 800 million euros.
This report originally appeared in Bicycle Retailer and Industry News.