KOBLENZ, Germany (BRAIN) — Canyon Bicycles announced news on several fronts Tuesday.
- It said its global sales grew 30% this year and will total a record 400 million euros ($474 million) in its fiscal year, which ends this month. In the U.S., a representative told BRAIN that Canyon's June sales were up 108% over the same month last year and that U.S. sales in the first three months of the calendar year were up 40%. The representative declined to reveal dollar sales figures of the U.S. market.
- TSG Consumer Partners LLC, a U.S. firm that invested in Canyon in 2016, "is exploring a recapitalization in collaboration with Canyon, to bring on a new equity partner."
- Finally, Canyon founder Roman Arnold is stepping aside as CEO to join the newly formed Canyon Advisory Board as chairman. Arnold will be replaced as CEO by Armin Landgraf, who has been COO. Landgraf joined Canyon last year; he previously was CEO of Pon.Bike, the parent of Cervélo, Focus, Santa Cruz, and other brands.
Regarding the search for new investors, Arnold noted that Canyon's annual sales had increased from 150 million euros to 400 million euros since TSG first invested. "We have reached a scale at which we need additional investors for our growth and innovation plans," Arnold said. He said Canyon and TSG are working together to identify potential new partners.
Arnold said in his new role on the advisory board he will support management and help set the company's strategic course. "I have been riding the big chainring for over 30 years. I am now shifting down a gear, but I am doing well on the long distance," he said.
Landgraf indicated that his transition to CEO was "logical and long-planned."
"We will continue to focus on the development of new technologies and products, a continuous expansion of our e-bike portfolio, the expansion of our service offering and the strengthening of our global brand presence."
