Riverside Gears Up to Exit German Bike24
The Riverside Company has agreed to sell 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,” said 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,” said Martin-Birner.
Working with Weber on the transaction for Riverside are Vice President Matthias Fink, Associate Tillmann Immisch and Operating Executive Thorsten Reuber.
GCA Altium, Allen & Overy and Ernst & Young are advising Riverside on the transaction.
Bike24 is a German provider of automotive hitches and related products headquartered in Dresde in Germany
Source: Riverside press release