By Arno Schuetze
FRANKFURT, Oct 21 (Reuters) – German bicycle maker Canyon is for sale as founder Roman Arnold and minority stakeholder TSG Consumer Partners seek to tap into demand spurred by the pandemic, three people close to the matter said.
Investment banking boutique Baird last week sent out information packages to prospective private equity bidders, including KKR, Ardian, Partners, Permira and General Atlantic, the people said, asking not to be named.
Buyout group TSG Consumer Partners has put its minority position up for sale, while the founder Roman Arnold is also offering shares, giving any buyer the possibility of acquiring a majority in the firm, the people said.
Canyon and TSG had no immediate comment and Baird declined to comment.
As COVID-19 has encouraged people to use bicycles more for exercise and to avoid public transport, Germany saw a 9.2% rise in bicycle sales in the first half