Foreman Capital invests in Cykelgear, the leading Danishe-commerce business for bike components
Foreman Capital partners with the founders of Cykelgear to create a leading Nordic e-commerce business for bike components.
Foreman Capital and the founders of Cykelgear A/S have today reached an agreement on the acquisition of a majority stake in the company by Foreman Capital to fulfil its growth ambitions.
Cykelgear is the leading e-commerce business for bike parts, clothing and accessories in Denmark with a turnover of more than DKK 200 million in 2021. For the past years, founders and brothers Kasper and Erik Buus Larsen have successfully grown the business at double-digit growth rates, scaled the organisation and expanded into Sweden and Norway.
“We are proud to announce to our fantastic team that our successes of the past have been rewarded with a great next step: The partnership with Foreman Capital. Together, we will realise our ambitious plan and, with the right focus on ‘People, Systems and Processes’, further grow our e-commerce platform in the Nordics” say Kasper and Erik Buus Larsen, Founders of Cykelgear.
“Cykelgear is a well-run and profitable e-commerce business with a strong market position, a large share of captive traffic and an efficient and automated operational setup. We look forward to join Kasper and Erik on the ambitious journey to further expand its position in Denmark, grow in other Nordic countries and contribute with the expertise we have gained from among others our investment in DIY e-commerce platform Fixami” says Martin Jacobsen of Foreman Capital.
Kasper and Erik Buus Larsen will stay involved operationally and as board members. Together with Foreman as new majority shareholder, the management team will be further strengthened in the coming months to execute on the growth ambitions. Foreman Capital will support the team with expertise, commitment and enthusiasm in order to become the leading Nordic player in the bike component industry. The parties have agreed not to disclose the purchase price.
Founded in 2008, Cykelgear is today Denmark’s leading e-commerce business for bike components and accessories. The company is headquartered in Terndrup, Denmark, where a team of 50 employees is responsible for the processing of around 550,000 orders annually through a scalable and automated operational setup. Cykelgear has a strong brand position with high customer ratings based on unrivalled customer service.
About Foreman Capital
Foreman Capital is an investment firm based in Amsterdam and Copenhagen, investing in growing, profitable small and medium-sized businesses that are active across e-commerce, technology, trade, manufacturing and services. With a track record of over 25 years, Foreman supports among others founder-led and family-owned businesses in further professionalisation and growth acceleration, acting as a sparring partner for entrepreneurs and management teams.
Kasper Buus Larsen
+45 6070 2131
+31 6 1082 3397
+45 2542 4311
Kasper Buus Larsen
Erik Buus Larsen