Canyon Bicycles GmbH, a global leader in consumer bicycles, announced a US-based equity investment from LRMR Ventures and SC Holdings.
Most notably, LRMR Ventures, owned by NBA great LeBron James and his lifelong friend Maverick Carter, is joining as an equity investor in the Germany-based bicycle company. A philanthropist, LeBron is a strong advocate for cycling through the “I Promise” school and its partnership with Lyft bike share. His previous involvement in cycling includes owning a minority stake in Cannondale in 2007 and founding the King for Kids Bike-a-Thon in 2008.
There’s no denying that the Space Jam reboot star has a powerful influence in the mainstream market, and mega brands such as Nike, Walmart, GMC, AT&T, and Chase Bank have all lined up in the big game of basketball. And it seems likely LeBron is aiming to be a similar asset to help Canyon Bicycles continue to expand its reach in the United States.
The investment from LRMR Ventures is accompanied by US private equity firm SC Holdings. These new investments join Canyon’s existing shareholders, including majority shareholder Groupe Bruxelles Lambert (GBL).
As private investments in a private company, the exact investment figure has not been shared, but rumors suggest the figure is around $30 million. Those involved do it to earn a return on their investment, but equally, a name like LeBron could really move the needle in the growth of all facets of cycling – and that’s a good thing for everyone.
As an independent ad, Robert Kyncl, YouTube’s chief business officer, is now a member of Canyon’s board of directors. The bike company said the addition will bolster its digital capabilities.