Caisse de dépôt et placement du Québec has made an undisclosed equity investment in Golf Avenue, a Montréal-based online retailer of pre-owned golf equipment.
The deal’s proceeds will fund the company’s continued growth in the United States and Europe and the addition of new technology to its digital platform.
The proceeds will also support the launch of Cycling Avenue, a new product for re-selling pre-owned bicycles, such as road bikes, mountain bikes and hybrid models.
Founded in 2006 by Pierre-Luc Laparé and Marc-Antoine Bovet, Gold Avenue offers a selection of more than 50,000 new and used golfing products.
Golf Avenue is expanding internationally and diversifying its operations with an investment from la Caisse
Creation of Cycling Avenue
MONTRÉAL, Aug. 8, 2019 /CNW Telbec/ – Caisse de dépôt et placement du Québec (la Caisse) announced a share capital investment in Golf Avenue, the largest online retailer of pre-owned golf equipment in Canada. This investment will allow Golf Avenue to continue expanding into U.S. and European markets, incorporate new technology into its digital platforms and diversify its service offerings by launching a new platform specifically for cycling.
Launch of Cycling Avenue
Leveraging its unique business model, which is focused on a seamless process for buying and trading in golf equipment, the Golf Avenue team is now launching Cycling Avenue. This new platform offers all types of certified pre-owned bicycles, including road bikes, mountain bikes or hybrid models.
“With Golf Avenue’s strong growth in recent years, we’ve developed unique expertise specific to the circular economy. It’s very exciting to reproduce the model’s success in the cycling segment and continue expanding internationally,” said Pierre-Luc Laparé, President and Co-founder of Golf Avenue.
“With this investment, la Caisse is supporting the local and international expansion of a young company operating in the new economy that continues to stand out with a distinct and innovative business model,” said Charles Émond, la Caisse’s Executive Vice-President, Québec and Global Strategic Planning. “While maintaining its leadership in the pre-owned golf equipment market, Golf Avenue is well positioned to take on the bicycle resale market.”
ABOUT GOLF AVENUE
Golf Avenue is the largest online retailer of pre-owned golf equipment in Canada, and a North American and international leader. The company has seen strong and rapid growth due to its innovative business model based on the principles of the circular economy. The inventory on the company’s platform is updated daily, offering golfers a selection of more than 50,000 new and used products . With the most competitive prices on the market, Golf Avenue is making golf a sport that is accessible to all while meeting the needs of both experienced and amateur golfers. For more information, go to www.golfavenue.ca.
ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2019, it held CAD 326.7 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
For further information: Jean-Benoit Houde, Senior Advisor, Strategic Communications, +1 514 847 5493, firstname.lastname@example.org