June 25, 2021 | Deals

GCA Altium provides Riverside with strategic advice on the IPO of BIKE24

GCA Altium acted as strategic advisor to the shareholders of BIKE24, a leading European online platform focused on the premium bike segment, on the private placement of 21.5m shares with institutional investors ahead of the firm’s listing on the Frankfurt Stock Exchange. The offering has been priced at EUR 15 per share, resulting in a total placement volume of EUR 322m.

Based in Dresden, Germany, BIKE24 is a leading e-commerce platform in continental Europe with a clear focus on the premium segment. With 77,000 products from more than 800 brand manufacturers, its online shop offers customers an unparalleled range of bike products in the continental European market, including parts, accessories and clothing, traditional bikes and e-bikes, as well as adjacent sports, electric and outdoor products.

Founded in 2002 by a group of bike enthusiasts, including BIKE24’s current CEO Andrés Martin-Birner, the company has shown strong revenue growth across the years. From 2018 on, revenue has grown by an average of 30% per year with double digit EBITDA margins. In 2020, BIKE24 generated revenues of EUR 199.2m, an increase of around 45% compared to 2019, while the adjusted EBITDA increased by more than 70% to EUR 26.7m.

GCA Altium provided strategic advice on the positioning of Bike24, while Berenberg and JP Morgan acted as Joint Global Coordinators and Joint Bookrunners. The proceeds from the private placement will be used, among other things, for the expansion of BIKE24’s fulfilment infrastructure domestically and abroad and the localisation of its offering in certain foreign markets. A part of the proceeds will also be used to optimise the capital structure by refinancing existing bank liabilities.

Commenting on the IPO, Andrés Martin-Birner, CEO of BIKE24, said: “Online sales of parts, accessories, clothing and bikes have enormous growth potential. Going public is therefore the next obvious step in BIKE24’s development, supported by several highly relevant megatrends such as green mobility and increasing health awareness. The IPO enables us not just to raise equity capital and improve our capital structure but also gives us the flexibility to pursue our long-term growth ambitions and expand our leading position in continental Europe.”

This marks the fourth transaction for GCA Altium with BIKE24, having worked closely with the company since 2015.

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