GBL to acquire a majority stake in Canyon Bicycles from TSG for €800m.

GBL, a Belgian holding company, agreed to acquire a majority stake in Canyon Bicycles, a German manufacturer of bikes, from TSG, a private equity firm, for €800m ($971m). The transaction is expected to be completed, once the necessary regulatory authorizations are received, during the course of Q1 2021. “Canyon is a fast-growing premium brand with an excellent track record, strong team and great potential. Canyon is very complementary to GBL’s existing portfolio, increasing our exposure to secular trends such as sustainable mobility, health awareness and digitalization. We are thrilled to become partners with Roman Arnold and the whole Canyon team as they take Canyon’s success story to the next level and, together with Tony Fadell, we look forward to our future partnership,” Ian Gallienne, GBL CEO.