Basketball player LeBron James has purchased from the German sports bike manufacturer Canyon, the brand that the cycling team of Mathieu van der Poel uses, among others.
The investment company LRMR Ventures, which runs the American sports legend with the media personality Maverick Carter, participated in a new investment round from the bicycle manufacturer.
According to the business newspaper Financial Times, LRMR Ventures and another US investor, SC Holdings, have jointly purchased a 4 percent stake in the Koblenz-based company. Canyon raised a total of 30 million euros in the new investment round, making the company worth 750 million euros.
NBA star James has previously invested in racing bikes. In 2007, he bought a stake in the Cannondale brand, which currently runs the EF Education-EasyPost professional team.
Since the corona pandemic, more and more people worldwide have started cycling to avoid public transport. The new investors are apparently betting that the bicycle will continue to gain popularity as a means of transport and recreation, including in the United States.
Canyon, which previously mainly focused on the European market, recently made a move to the American market. Major shareholder GBL writes on its site that the brand is growing strongly here. In addition, canyon only sells its road bikes and mountain bikes through its webshops, and that business model would catch on with the Americans.