KOBLENZ, Germany (BRAIN) — Canyon Bicycles announced Friday that two investment groups have taken "strategic equity investments" totaling $30 million in the Germany-based company. One of the groups, LRMR Ventures, is the investment group of basketball star LeBron James and James' longtime friend and business partner Maverick Carter.
The other new investor is SC Holdings, which has investments in health and wellness brands including Athletic Greens and Hyperice. SC Holdings also is in investor in The Springhill Company, a media company founded by James and Carter.
Canyon founder Roman Arnold remains a significant shareholder, and Groupe Bruxelles Lambert, which made an investment in 2020, remains Canyon's majority shareholder.
The company said the new investment will help Canyon expand its U.S. presence.
James has a long history as a bike enthusiast and occasionally commutes by bike to NBA games. And this is not his first investment in a bike company. In 2008 he bought a share of Cannondale. Also, in 2020 he worked with the YMCA and Lyft to offer free bike shares to teens and young adults.
In a statement, Arnold said, "While we were not actively looking for new investors, LRMR and the SC team immediately understood our mission to build the world's most inspiring and innovative bike company. Their passion for what we are building will make them instrumental members of our team."
Carter said, "As an avid cyclist and storyteller, I'm excited about partnering with Canyon.
"The quality of the products, the power of the Canyon brand, and the unique distribution model create a lot of compelling opportunities we want to be a part of."
SC Holdings founder and managing partner Jason Stein said, "Canyon has been a leader in cycling and a pioneer in direct-to-consumer e-commerce for over 20 years. From professionals on tour to everyday riders on streets and trails around the world, Canyon's impact on sports and culture is seen everywhere. We are honored to partner with Canyon, GBL and LRMR, and excited to help capture the growth opportunity in the U.S."
