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
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.