Frankfurt / Brussels, 17 December 2020 – An interdisciplinary team of Eight Advisory Belgium and Germany successfully supported GBL in the proposed acquisition of a majority stake in Canyon with financial and operational due diligence services.
Michael Wahl, Murat Deniz, Emre Vanlioglu and Charles Collier provided buy-side financial due diligence, SPA and equity bridge support. Tom De Troyer, Fabrizio Bertozzi and Benjamin Richy, provided operational due diligence support.
The founder of Canyon, Roman Arnold, will reinvest a significant part of his proceeds and Tony Fadell will co-invest alongside GBL.
The transaction follows GBL’s strategy to invest in structurally growing industries aligned with sustainability and partnering with founders and management teams.
Canyon started in founder Roman Arnold’s garage as Radsport Arnold and has evolved into a leading and fast-growing German manufacturer of premium conventional and electric bikes with global reach. It is the largest direct-to-consumer (“DTC”) player worldwide, directly selling to end-consumers via its own e-commerce website. Over the past seven years, Canyon’s sales have grown at an average rate of 25% per annum, almost doubling in the last three years alone, exceeding EUR 400 million today.
GBL is an established investment holding company, with over sixty years of stock exchange listing, a net asset value of EUR 18 billion and a market capitalisation of EUR 12 billion at the end of September 2020. GBL is a leading investor in Europe, focused on long-term value creation and relying on a stable and supportive family shareholder base. GBL strives to maintain a diversified high-quality portfolio composed of global companies, leaders in their sector, in which it can contribute to value creation by being an active professional investor.
GBL signed the definitive agreement, the transaction is expected to be completed in the course of 1Q 2021.