Canyon's search for new investors has attracted takeover interest from private equity firms Carlyle Group and KKR & Co, along with buyout firms Advent International, Apax Partners, General Atlantic and Permira, according to Bloomberg
KKR & Co recently led a $450 million investment into Zwift, and all of the parties interested in Canyon appear intent on capitalizing on the recent surge of interest in cycling and other outdoor activities. The sale is expected to bring in up to 500 million euros ($592 million) for the company.
Canyon reported a 30% growth of global sales in 2020, which were expected to total 400 million euros ($474 million). When those numbers were announced
, Roman Arnold, one of the company's founders and the former CEO, said, "We have reached a scale at which we need additional investors for our growth and innovation plans." The company's growth over the last 5 years was helped by TSG Consumer Partners LLC, who bought a significant minority stake in Canyon in 2016.