FRANKFURT (BRAIN) Two of the biggest e-commerce retailers in the bicycle market, Germany’s BIKE24 and Britain’s WiggleCRC, will each soon be listed on the stock exchange. Both companies are owned by Bridgepoint, a private equity firm.
Bike24 began a private placement on Wednesday and plans to go public on the Frankfurt Stock Exchange on June 25. The company hopes to raise up to 100 million euros ($ 120 million) through the sale of shares. The company has set a price range for a planned private placement of 15 to 19 euros per share, which would value the company between 662 and 812 million euros.
BIKE24 was founded in 2002 in Dresden by Andrs Martin-Birner, Falk Herrmann and Lars Witt. In the fall of 2019, a subsidiary of Bridgeport Capital acquired a controlling stake and continued to own approximately 80% of the shares of the company prior to the placement.
The company said it would use the proceeds from the equity offering to accelerate its growth trajectory and continue its international expansion. The commercial code for BIKE24 shares is BIKE, ISIN DE000A3CQ7F4.
“We have a strong and scalable platform and we are convinced that the IPO as the next logical step will be a catalyst for our growth strategy. We are one of the main e-commerce providers around the bicycle and with our growing internationalization. presence, we also want to play an active role in the transition to sustainable and green mobility solutions in our markets ”, says Martin-Birner, CEO and co-founder of BIKE24.
According to a press release, over the past three years BIKE24 sales have grown by 30% per year with double-digit EBITDA margins. In 2020, BIKE24 generated a turnover of 199.2 million euros, an increase of approximately 45% compared to the previous year. Adjusted EBITDA increased by over 70% to € 26.7 million. This corresponds to a margin of 13.4%.
BIKE24 plans, among other things, to open local online stores in selected continental European markets and to establish a distribution infrastructure outside of Germany.
Bridgepoint acquired WiggleCRC in 2011 to 180 million pounds. Last week, Signa Sports United announced they have agreed to buy WiggleCRC, and said the combined company will be integrated into Yucaipa Acquisition Corporation, which is already listed on the New York Stock Exchange (NYSE: YAC). Once the mergers are completed, the company will be listed under theName of SIGNA Sports United. Yucaipa Acquisition Corporation is aad hoc acquisition company (SPAC).
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