Canyon Bicycles gets strategic partners

Among others, the investment company of basketball star LeBron James becomes an investor. Robert Kyncl becomes new board member.

LeBron James and Maverick Carter's investment company, LRMR Ventures, and SC Holdings, a U.S. private equity firm specializing in iconic branded companies, have announced a strategic equity investment in Canyon Bicycles GmbH ("Canyon"), the world's leading manufacturer of premium direct-to-consumer bicycles based in Koblenz, Germany.

The new investors will join the company's current shareholders, which include major shareholder Groupe Bruxelles Lambert (GBL) and company founder Roman Arnold. Among other things, the goal is to further Canyon's ambitious growth goals in the United States. "As an avid cyclist and brand developer, I am very excited to partner with Canyon," said Maverick Carter. "The quality of the products, the power of the Canyon brand and the unique distribution model create a variety of exciting opportunities that we want to be a part of developing. "According to the Financial Times, Canyon generated revenue of €475 million last year. Since 2016, revenue has grown by an average of 21 percent per year, he said.