Popular triathlon brand Canyon has a new investor – according to news reports Groupe Bruxelles Lambert (GBL), which also controls major stakes in Adidas and Burberry, has taken a majority shareholder position.
The German company started in founder Roman Arnold’s garage in the early 90s and was renamed “Canyon” in 2002. It has since gone on to become a major player in the cycling and triathlon markets, selling products online at www.canyon.com. The last five Ironman World Championship men’s titles have been won on Canyon’s Speedmax bikes – both Jan Frodeno (pictured) and Patrick Lange are sponsored by the company.
According to reports GBL has taken a 60 percent share of Canyon, which it values at 800 million Euros. Arnold will retain 40 percent of the company, it is reported. Former shareholder TSG Consumer partners will no longer be involved with the company.
“I am very pleased about the partnership with GBL who have impressed me and my team with their passion for our business, their extensive experience and their long term orientation,” Arnold is quoted on the cyclingweekly.com website. “At this juncture, I would also like to emphasize the important role TSG has played in our growth journey so far. Canyon remains on a strong trajectory and I am excited at executing on the future growth levers with GBL and the whole Canyon team to further expand our position as one of the world’s leading bicycle companies.”
Another investor involved in the deal is Tony Fadell, formerly a senior vice president at Apple and credited as one of the co-developers of the iPod. According to Canyon he is a “passionate cyclist.”