NEVERS, France (BRAIN) — Activa Capital, a mid-market private equity firm, has taken a majority stake in Look Cycle, alongside the brand's existing owners, Dominique Bergin and Thierry Fournier.
In a press release Thursday, Look said it had annual revenues of about 45 million euros ($50 million) and about 400 employees.
"With the arrival of Activa Capital, Look intends to capitalize on its strong position in Europe to accelerate its growth and its international development, in a sector which is enjoying sustainable growth," the company said, noting that it already generates 75 percent of its sales outside France.
Look had bought the wheel brand Corima earlier this year.
Bergin said, "Look has many development projects and we wanted the support of a highly reputable financial partner. We are pleased to welcome Activa Capital with whom we share a common growth vision for our brand."
Charles Diehl, a partner at Activa Capital, said, "We were attracted by this resolutely dynamic and innovative family business and have built a strong relationship over the past 18 months with the management team. We are particularly pleased to be partners in the next phase of Look's development, and to support this iconic sports brand in accelerating its international growth."
Look will have a major presence at the Tour de France, which starts Saturday. The company supplies frames to the Fortuneo-Vital Concept team and supplies pedals to nine other teams. Former Tour champion Alberto Contador and current world champion Peter Sagan will start the Tour on personalized Look Keo Blade 2 pedals, and the Astana team will ride with both Corima wheels and Look pedals.
Activa, which manages funds worth about 500 million euros, did not reveal the size of the investment. It described the investment as a "Buy-In Management Buyout" (BIMBO).
