Altium has advised Bike 24, a leading bike, sports and outdoor eCommerce player, in its majority acquisition by The Riverside Company. Altium was selected as sell-side advisor based on its extensive expertise in eCommerce and its reach into a broad global network of strategic and financial investors.
Founded in 2005 by Andrés Martin-Birner, Falk Herrmann and Lars Witt, Bike24 employs around 190 people and is based in Dresden, Germany. Bike24 boasts 195’000+ active customers and sells more than 50’000 products from the leading 630+ bike and sports brands targeting sport enthusiasts and mainstream customers. Products offered include bike parts, bikes, sports electronics, outdoor, running, swimming, triathlon, sportswear and other related products. Bike-related products account for 80%+ of sales in 2014, with the category focus on bike components, apparel, shoes and helmets and not on full bikes. The company has a leading position in its key market Germany and was able to constantly increase its international footprint during the past years.
The shareholders are strongly committed to further developing Bike24 together with their new partner. The Riverside Company will support Bike24’s growth, including expansion into new geographies, further development of its product portfolio and reinforcing its leading position in the segment of bike and sport enthusiasts.
“We are thrilled to team up with The Riverside Company and to have a partner that has a proven track record in successfully supporting high growth to achieve a market leading position. We are really impressed by their sector experience and understanding of our business. Together, we will aim for the next level to become a truly pan-European player,” says Andrés Martin-Birner, one of the co-founders of Bike24.
Altium supported the company in all aspects of the transaction.