Rapha announced Monday that RZC Investments has purchased a majority share of the cycling apparel company. RZC was founded by Steuart and Tom Walton, grandsons of the late Sam Walton, founder of Walmart.
Sky News reports that Rapha sold for 200 million British pounds — about $260,540,000. The British company was founded in 2004.
Tom Walton is an avid cyclist who is involved with mountain bike advocacy in Arkansas. Working with the Walton Family Foundation, he helped build trails in and around Bentonville, where Walmart is headquartered. He also helped launch an Arkansas league with the National Interscholastic Cycling Association (NICA).
“Rapha represents the very best in the world of cycling. Our investment demonstrates our enthusiasm for its quality products, amazing community of cyclists and customers and its strong future,” Steuart Walton said in a statement on Rapha’s website. “Rapha’s strategic vision has set the company on a path of tremendous growth and opportunity. We’re excited to be part of this next chapter by bringing the best sport in the world to more people in more ways and places.”
The statement also said, “The business has grown by more than 25% every year, has been profitable since 2009 and now has more than 200,000 active customers and 450 employees.”
Rapha founder and CEO Simon Mottram added:”The arrival of RZC Investments as a shareholder means we can pursue our mission to elevate cycling as a global sport and recruit more participants by engaging them and enabling them to ride with us at all levels. Support from RZC Investments will allow us to further expand our active global community of cyclists, develop even better and more innovative products and services to enhance cyclists’ lives and inspire many more people to take up the World’s greatest sport.”