• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deals search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Unquote
  • Exits

Riverside-backed Bike24 to list in €662m IPO

  • Harriet Matthews
  • Harriet Matthews
  • 24 June 2021
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

Online bike and sports equipment retailer Bike24, a portfolio company of the Riverside Company, is set to list on the Frankfurt Stock Exchange with a market capitalisation of €662m.

The first day of trading is expected to be 25 June 2021, according to a statement.

The company set its offer price at €15 per share.

Bike24

  • DEAL:

    IPO

  • VALUE:

    €622m

  • LOCATION:

    Dresden

  • SECTOR:

    Recreational products

  • FOUNDED:

    2002

  • TURNOVER:

    €199.2m (2020)

  • EBITDA:

    €26.7m (2020)

  • VENDOR:

    The Riverside Company

The offer comprises 21.5 million bearer shares, including 6.7 million new shares from a capital increase, corresponding to a volume of €322m.

The company stands to generate proceeds of €100m from the IPO, which it intends to use to support its international growth.

Berenberg and JP Morgan are acting as joint global coordinators and joint bookrunners for the transaction.

As demand for bikes and electric bikes soared during the coronavirus lockdowns of 2020, boosted by factors including decreased use of public transport and increased leisure time for many consumers, PE players have taken advantage of opportunities for both buyouts and exits in the sector.

The DACH market has been particularly active when it comes to such deals, with five of the 13 deals recorded in this sub-sector in the past year taking place in the region, according to Unquote Data.

Bregal acquired a minority stake in Austria-based children's bicycle manufacturer Woom in September 2020, while Borromin Capital acquired Little John Bikes in June 2021.

Bike hiring companies have also drawn investment from private equity in the past year, including UK-based Sigo, which drew a £5.7m investment from Codex Partners in September 2020.

The sector has also now produced two of Germany's PE-backed IPOs of 2021. HGears, an electric bike components producer backed by Finatem, listed in May 2021 at a market cap of €270m, as reported, netting returns of 6x money and an IRR of around 25% for Finatem.

Previous funding
Riverside initially acquired Bike24 in February 2015. The company posted turnover of €34m in 2012 and employed 190 people at the time of the GP's investment.

In October 2017, the GP sold Bike24 to Wiggle-CRC, a UK market peer acquired by Bridgepoint in 2011. The company was marketed based on revenues of €100m and EBITDA of €10m, Unquote sister publication Debtwire reported at the time. The deal valued the company at €100m, according to Unquote Data. The company employed 300 people at the time.

Riverside subsequently acquired Bike24 from Wiggle-CRC in September 2019. The company posted EBITDA of €12.3m and revenues of around €120m at the time.

Riverside acquired Bike24 for a second time via Riverside Europe Fund VI, which held a final close in March 2019 on €465m. The fund targets companies with enterprise values of €50-300m and EBITDA of €5-30m, deploying equity tickets of €50-150m.The fund has made three platform investments, according to Unquote Data.

Company
Founded in 2002 by Andrés Martin-Birner, Falk Herrmann and Lars Witt, Bike24 is an online retailer selling bikes and accessories, as well as sports equipment and accessories for swimming, running and other outdoor activities such as climbing.

The company generated revenues of €199.2m in 2020, marking a 45% increase on its 2019 turnover. The company posted 2020 adjusted EBITDA of €26.7m, a 70% increase on its EBITDA in 2019.

Bike24 said in its initial IPO statement that Q1 2021 saw revenues rise by 75% compared with the same period in 2020, posting turnover of €58m for the quarter. Adjusted EBITDA in Q1 2021 stood at €7.3m, versus €2.9m in 2020.

People
The Riverside Company – Michael Weber (senior partner); Matthias Fink (partner); Tillmann Immisch (principal); Florian Halama (vice-president); Simon Behnken (senior associate); Nicola Tomaschko (associate).
Bike24 – Andrés Martin-Birner (CEO, co-founder).

Advisers
Vendor (The Riverside Company)
 – GCA Altium, Alexander Grünwald, Thomas Egli, Bernhard Trösch, Guido Viggiani, Dominik Lalla, Jannik Burth (corporate finance).

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Exits
  • Consumer
  • DACH
  • Germany
  • IPO
  • Riverside

More on Exits

Public sector software
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • Exits
  • 04 September 2023
Lender taking the keys from a sponsor
Ares Management handed keys to two-thirds of UK sponsor’s portfolio

Lender provided GBP 500m for three of the GP's deals between 2016 and 2019, Debtwire reported

  • Financing
  • 30 August 2023
Luggage and airport services
Actera Group explores strategic options for Celebi Ground Handling

Several investors placed bids for the company in 2022 but mismatch in pricing didn't lead to a deal

  • Exits
  • 30 August 2023
HR software solutions providers
Main Capital’s Assessio to be sold to Pollen Street

Recruitment software company tripled in revenue under Main Capital’s ownership

  • Buyouts
  • 25 August 2023

Latest News

Fund closes in US dollars
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • 05 September 2023
Clinical trials and biotechnology
  • Buyouts
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • 04 September 2023
Public sector software
  • Exits
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
EMEA Public to Private M&A
  • Investments
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • 04 September 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013