Private equity firm Down2Earth Capital has acquired Belgian bike leasing provider Cyclobility representing a new phase in the company’s growth.
Founded in 2016 by Andries Aumann, Cyclobility aims to promote the use of bicycles in daily commuting and to relieve private and public employers of the hassle of offering bike leasing options.
Its growing customer base with a wide range of high-quality brands has put Cyclobility in a strong position in the Belgian bike leasing market. The company currently manages six stores in Ghent, Roeselare, Aalst, Sint-Niklaas, Kluisbergen, and Lier which also cater to private customers. Each store allows the company to perform quick maintenance for customers.
Josep Segarra, Board Member and Senior Investment Manager at Quadia, which had a minority stake in Cyclobility and exited through this acquisition, commented: “This transaction constitutes a significant development for the corporate bike leasing sector in Belgium and demonstrates again the interest of mid-cap private equity funds in developing the market and bringing debt financing means and expertise to these companies.
“We are happy to have helped Cyclobility to get to a very relevant position in the Belgian market, while promoting best practices in sustainability topics across the value chain such as sourcing, circularity and safety.”
Zag was told that the acquisition price will not be disclosed.
Alain Keppens, Founder of D2E, said: “Cyclobility’s unique business model leads to superior service levels and customer satisfaction. We are very impressed with Cyclobility’s vision and entrepreneurship and look forward to a fruitful collaboration to achieve their growth objectives together.”
