The Riverside Company has agreed to make an investment in Bike24, a German cycling ecommerce firm. No financial terms were disclosed.
The Riverside Company has signed a definitive agreement to invest in German cycling e-commerce specialist Bike24. Bike24’s business focuses on bicycle parts, accessories and clothing, with a strong market position catering to ‘bicycle enthusiasts’ in Germany and across Europe. The acquisition from WiggleCRC is expected to close later this year.
Bike24 has the largest product and brand assortment in the market paired with ample availability and fast delivery; its niche focus and level of expertise result in enhanced website content and customer service. This is Riverside’s second partnership with the company, having made its first investment in 2015.
“We are enthusiastic about joining forces with the Bike24 founders and management team once again,” said Riverside Partner Dr. Michael Weber. “During our first partnership, we focused on improving the infrastructure of the business. Now we plan to further strengthen the company’s international presence in Europe. In addition to strong organic growth in the future, we will also actively pursue add-on opportunities.”
Bike24 founder Andrés Martin-Birner is equally excited to work again with Riverside: “During its first ownership, Riverside was a strong and reliable partner and supported us in growing, professionalizing and automating Bike24’s operations. We are excited to continue the success story with Riverside in a second ownership period.”
Bike24 is another example of Riverside’s dedication to partnering with founders and investing in strong digital business models. The investment is based on Riverside’s belief in the underlying megatrend of cycling as a healthy sport and ecologically friendly mode of transportation, particularly in urban environments.
Working with Dr. Weber on the deal for Riverside were Principal Matthias Fink, Vice President Tillmann Immisch, Senior Associate Florian Halama, Associate Simon Behnken and Associate Nicola Tomaschko. Ivica Turza, who leads origination in DACH, sourced the opportunity for Riverside.