Industry News

LONG BEACH, Calif. (BRAIN) — Zwift has raised a $450 million minority investment from a group led by the investment firm KKR, bringing the virtual cycling brand to a valuation of over $1 billion.

Company seeks to recapitalize as investor TSG Partners to exit.
Roman Arnold (left) with Armin Landgraf.

KOBLENZ, Germany (BRAIN) — Canyon Bicycles announced news on several fronts Tuesday.

MONTEREY, Calif. (BRAIN) — Sea Otter Play, a virtual event for consumers, opens Thursday with more than 100 participating companies representing 250 brands.

Tagged Sea Otter Classic

TAIPEI, Taiwan (BRAIN) — Organizers of next March's Taipei Cycle show have added a virtual element to the event.

Tagged Taipei Cycle Show
MEC, which has about 5 million co-op members, will become a privately-owned company.
A MEC location in Toronto earlier this year.

VANCOUVER, British Columbia (BRAIN) — Mountain Equipment Co-op, Canada's outdoor gear co-op, has agreed to be acquired by Kingswood Capital Management, LP, a Los Angeles-based investment group.

SEATTLE (BRAIN) — REI Co-op completed the sale of its new corporate office complex to Facebook for $390 million on Monday.

We published a cartoon in our July print issue that caused harm to members of our community by making light of Black Lives Matter. That was wrong.

SAINT-AUGUSTIN-de-DESMAURES, Québec (BRAIN) — At a hearing Thursday, a majority of the creditors of Louis Garneau Sports and Sugoi Global Inc. accepted a debt restructuring plan proposed by the companies.

The companies filed notices of intention under Canada's Bankruptcy and Insolvency Act in March. 

NEW YORK (BRAIN) — Peloton's sales surged in the final quarter of its fiscal year, which ended June 30. Although the stationary bike and treadmill company said it had expected sales to moderate in the quarter, they were up 172%, straining its supply chain.

Tagged Earnings/Financial Reports
Pat Hus.

HAYWARD, Calif. (BRAIN) — Bianchi USA informed its dealers Wednesday that former Interbike director Pat Hus is joining the company as CEO for USA/North America. The CEO position is new for the company.

LONDON (BRAIN) — Indoor smart bike maker Wattbike has received an investment of 11.5 million pounds ($14.8 million) from Piper, a UK-based private equity firm specializing in consumer brands.

Relocation to a 137,000-square-foot facility begins in November.
The Pro's Closet raised $12 million.

BOULDER, Colo. (BRAIN) — The Pro's Closet's growth during the unprecedented bike shortage this year has attracted additional funding and led to an upcoming relocation to a bigger facility.

Year-to-date imports are up just 9.6% in units and down in dollars.

WASHINGTON (BRAIN) — U.S. bike imports have been steadily increasing each month since May, but the industry still has a long way to go to recover from a slow start to the year and the skyrocketing retail demand for bicycles during the U.S. COVID-19 pandemic.

Benno Baenziger (left) and Uwe Kalliwoda. Courtesy Benno Bikes.

DEL MAR, Calif. (BRAIN) — With Uwe Kalliwoda, Benno Bikes founder and managing director Benno Baenziger has brought an experienced industry player into the team, who after an extensive career and two-year time-out, will become an actively involved partner.

SACRAMENTO, Calif. (BRAIN) — A state senate bill was amended that would have made California's share bike and scooter providers liable for rider injuries and possibly jeopardizing the state's micromobility business.

Chad Burnett died in police custody May 24.

COLORADO SPRINGS, Colo. (BRAIN) — The El Paso County District Attorney's Office will not charge Colorado Springs police involved in the death of a professional bike fitter and former Colorado Cyclist product line manager who died in custody.

MONTRÉAL (BRAIN) — Louis Garneau Sports' proposed restructuring plan would allocate about $550,000 Canadian dollars ($418,000) to be shared by the company's unsecured creditors, who are owed about CA$12.8 million, according to official documents released this week.

BH Burgos mechanics pose in the new outfits.

(BRAIN) — Many brands use the upcoming Tour de France to show off their new products or team kit. FSA and Vision are using the opportunity to show off the apparel being provided to mechanics in teams the brands sponsor at the race.

Dick's Sporting Goods had a record second quarter in sales.

PITTSBURGH (BRAIN) — Led by e-commerce growth spurred by the COVID-19 pandemic, Dick's Sporting Goods had a record second quarter in sales.

Tagged Earnings/Financial Reports
PeopleForBikes is conducting a racial justice survey.

BOULDER, Colo. (BRAIN) — PeopleForBikes is conducting a survey to build a more inclusive and anti-racist industry. Details of the industry-wide survey were emailed Tuesday afternoon.

Tagged DEI and Sustainability

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