Groupe Bruxelles Lambert, one of Europe’s largest investment companies and largest shareholder of Adidas, has been named Canyon’s largest shareholder.

We reported Canyon searched for a new investor In October, and despite interest from Carlyle Group and KKR & Co, along with acquisitions Advent International, Apax Partners, General Atlantic and Permira, GBL was announced today as a partner. We reported at a time when the sale was expected to bring in up to 500 million euros ($ 592 million) for Canyon but no final number was revealed after the release earlier today. The Financial Times Reports GBL didn’t make the highest bid however Roman Arnold, Brand Founder, chose GBL based on a “long-term investment perspective”.

In the past seven years, the average growth of the German direct sales business has reached 25 percent and in 2020 sales exceed 400 million euros for the first time. Canyon says it expects the new partnership to “accelerate the high level of innovation, expertise, technology leadership and customer service proposition” for the company while also focusing on “concepts of sustainable mobility in the future.”

As part of the deal, Tony Fadel will also co-invest along with GBL and be a member of the advisory board. Tony was senior vice president of Apple’s iPod division and led the teams that created the iPod and iPhone. Arnold will remain the brand’s largest single shareholder at 40 percent while TSG Consumer Partners has exited its Canyon stake

Great quotes We became a digital world champion through sustained success. Through technology, global expansion, and sporting success, we have achieved a lot. Now is the time to press ahead with the attack, and take advantage of all the opportunities – and they are plenty. That is why I am so happy to partner with GBL, who have convinced my team and I of their passion for our business, years of experience and long-term focus.–Roman Arnold, Canyon Founder and Chair of the Advisory Board

Great quotes Canyon has a strong track record, strong team and great potential. We are very excited to be partnering with Roman Arnold and the Canyon Team. Together we want to take the success story to the next level.–Ian Gallian, President of GBL

Investment bank Robert W. Baird & Co. Incorporated (BIRD) acted as the exclusive financial advisor to Canyon in the search for investors. Transactions are expected to be completed during the first quarter of 2021, once the necessary regulatory approvals are obtained.