Investment bank advises shareholders on sale of stake to private equity giant

GCA Altium has acted as the exclusive financial adviser to the shareholders of Bike24, a German cycling e-commerce specialist, on the sale of a majority stake to global private equity firm The Riverside Company.

Riverside has signed a definitive agreement to invest in Bike24, which is owned by Bridgepoint portfolio company Wiggle-CRC.

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 firm 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 have been focusing 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 said: “During its first ownership Riverside had been a strong and reliable partner and supported us in growing, professionalising and automating Bike24’s operations.

“The founder and management team are excited to continue the success story with Riverside in a second ownership period.”

The deal is expected to close later this year.

Global investment bank GCA Altium, which relocated to new offices in the Spinningfields area of Manchester this April, clinched two accolades at this year’s BusinessDesk.com Rainmaker Awards, the Corporate Finance Team award and the prestigious Rainmaker of the Year award.