LeBron James has been cycling since he was a kid. Now, he’s getting in on the business side.
LRMR Ventures, the family office of LeBron James and Maverick Carter, and SC Holdings, a private equity and strategic advisory firm, are making a strategic investment in Canyon Bicycles, a pioneering direct-to-consumer bicycle brand.
- The €30 million investment values Canyon at €750 million.
- The funds will be used to help Germany-based Canyon expand in the U.S.
- Groupe Bruxelles Lambert is the majority shareholder of the cycling company.
“LeBron is one of the biggest athletes globally, and he truly cares about cycling,” Canyon CEO Nicolas de Ros Wallace told the Financial Times, adding that James’ expertise in the U.S. sports and retail markets make the partnership “the perfect match.”
A former Nike executive, de Ros Wallace joined Canyon in January after previous chief executive Armin Landgraf stepped down for personal reasons in September.
The U.S. Cycling Boom
The U.S. bicycle market grew during the pandemic, but also faced headwinds from supply chain issues and tariffs on China.
Bike imports to the U.S. (excluding e-bikes) surged to 4.7 million in the first quarter, with port value rising 52% year-over-year to $565 million, continuing a trend from H2 2021.
The U.S. bicycle market was estimated at $9.5 billion in 2021.
“The quality of the products, the power of the Canyon brand, and the unique distribution model create a lot of compelling opportunities we wanted to be a part of,” said Carter.
Editor’s note: SC Holdings is an investor in Front Office Sports.
