The strategic investments of LRMR Ventures and SC Holdings, comes together with the appointment of Robert Kyncl as Board Director. The new investors will join the company’s existing shareholders, including majority holder Groupe Bruxelles Lambert (GBL) who took over Canyon in 2020 and the company’s founder, Roman Arnold.
Roman Arnold: ‘not looking for investors’
Roman Arnold said: “While we were not actively looking for new investors, LRMR and the SC team immediately understood our mission to build the world’s most inspiring and innovative bike company. Their passion for what we are building will make them instrumental members of our team.”
LRMR Ventures is the home office of LeBron James and Maverick Carter that manages their expanding portfolio of global projects, partnerships, investments, and other business ventures. SC Holdings is a private equity and strategic advisory firm with global experience building businesses and executing transactions. The amount of investment remain undisclosed.
The power of the brand
Canyon will work with LRMR and SC to increase engagement in the US and in the e-bike category, elevate global brand awareness and deliver the best online shopping experience.
“As an avid cyclist and storyteller, I’m excited about partnering with Canyon,” said Maverick Carter. “The quality of the products, the power of the Canyon brand, and the unique distribution model create a lot of compelling opportunities we want to be a part of.”
“At Canyon we are at the crossroads of many societal tailwinds, including health and wellness, sustainable mobility and online distribution. As category leader in many different fields, we are also focusing on new growth areas through the expansion of our service offering and further developments in the field of e-bikes, urban bikes and connectivity,” added Roman Arnold.
Capture growth opportunity in the US
SC Holdings founder/Managing Partner Jason Stein added: “Canyon has been a pioneer in direct-to-consumer e-commerce for over 20 years. From professionals on tour to everyday riders on streets and trails around the world, Canyon’s impact on sports and culture is seen everywhere. We are honored to partner with Canyon, GBL and LRMR, and excited to help capture the growth opportunity in the US.”
Canyon is further strengthening its digital capabilities by appointing Robert Kyncl, Chief Business Officer at YouTube, as a board member.
Baird acted as financial advisor in this transaction.
