Assos of Switzerland for sale with William Blair advising

The company is being sold by an investment group comprising TZP Group, Massif Partners and US-based private investor Greg Avis, which bought a majority stake in 2015 for undisclosed terms.

The sale process is advanced, with second-round bids expected near the end of this month, one of the sources said, and bidders are evenly split between sponsors and strategics.

Assos is set to book EUR 12m-13m in EBITDA and EUR 70m in revenues for 2021 and should continue to achieve an 18-20% EBITDA margin through 2022, the source added. However, two of the sources said its EBITDA is below EUR 10m.

The business has grown quickly because of the Covid-19 pandemic, the first source said. As TZP has invested in its digital sales platform, the company is now primed for further growth, he said.

Along with Italy-based Castelli Cycling and UK-based Rapha, Assos is one of the few players in the space already operating at scale, he said. Because of this, it is well positioned to take market share from smaller competitors, he added.

Assos of Switzerland, TZP Group, Massif Partners and Greg Avis did not respond to requests for comment. William Blair declined to comment.

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• Topics
• Buyouts
• Exits
• DACH
• Consumer
• Switzerland