Groupe Bruxelles Lambert, one of the largest investment companies in Europe and the largest shareholder of Adidas, has been selected as the majority shareholder of Canyon. We reported on Canyon’s search for a new investor in October and, despite the attention of Carlyle Group and KKR & Co, as well as buyout companies Advent International, Apax Partners, General Atlantic and Permira, GBL has was announced today as a partner. We announced at the time that the sale was expected to bring in up to 500 million euros ($ 592 million) for Canyon, but no final figures were released after the release earlier today. The Financial Times reports that GBL did not come up with the highest bid, but Roman Arnold, the founder of the brand, chose GBL on the basis of its “long-term investment perspective”.
Over the past seven years, the average growth of German direct selling activity has been 25% and in 2020 sales exceeded 400 million euros for the first time. Canyon says he expects the new partnership to “accelerate the company’s high level of innovation, expertise, technological leadership and customer service proposition” while focusing on “future concepts of sustainable mobility ”.
Over the past seven years, the average growth of German direct selling activity has been 25% and in 2020 sales exceeded 400 million euros for the first time. Canyon says he expects the new partnership to “accelerate the company’s high level of innovation, expertise, technological leadership and customer service proposition” while focusing on “future concepts of sustainable mobility ”.
As part of the transaction, Tony Fadell will also co-invest alongside GBL and will be a member of the advisory committee. Tony was the SVP of Apple’s iPod division and led the teams that created the iPod and iPhone. Arnold to remain the brand’s largest individual shareholder with 40% as TSG Consumer Partners exits minority stake in Canyon
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Canyon has an incredible track record, a strong team and great potential. We are very happy to partner with Roman Arnold and the Canyon team. Together, we want to take success to the next level. |
Investment bank Robert W. Baird & Co. Incorporated (Baird) acted as Canyon’s exclusive financial advisor in the search for investors. The transactions are expected to close in the first quarter of 2021, once the necessary regulatory approvals have been obtained.
