Canyon Bicycles announced a $30 million equity investment led by LRMR Ventures, LeBron James, Maverick Carter’s family office, and S.C. Holdings, a U.S. private equity firm.
According to the Financial Times, the investment values the direct-to-consumer cycle brand at €750 million.
With the investment, Canyon Bicycles said it would work with LRMR and S.C. to increase engagement in the U.S. and the e-bike category, increase global brand awareness and deliver the best online shopping experience.
The new investors join existing majority shareholder Groupe Bruxelles Lambert (GBL) and founder Roman Arnold as Canyon pursues growth in the U.S., led by new CEO Nicolas de Ros Wallace.
“While we were not actively looking for new investors, LRMR and the S.C. 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,” said Roman Arnold, Canyon founder.
“Canyon has been a leader in cycling and 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 U.S.,” said Jason Stein, founder and managing partner, S.C. Holdings
Canyon said it strengthened its digital capabilities by hiring Robert Kyncl, Chief Business Officer at YouTube, as a board member.
Baird acted as a financial advisor in the transaction.