This article originally appeared on Bike.com and was republished with permission.
When Covid-19 locked up retail stores in March, bike shops were as worried about landing on the other side as Brooks Brothers and Gold’s Gym. When the pandemic motivated millions of people of all ages, interests and abilities to get on a bike for the first time in ages, cycling stores rode away laughing, while many other retailers crashed.
Wall Street was watching.
In October, Canyon, a high end, direct-to-consumer bike brand, announced that it was in talks with private equity and buyout firms. A sale could bring in $592 million and start a trend.
“It was the story of the year,” says Stephen Frothingham, editor-in-chief of Bicycle Retailer & Industry News, an industry publication. “When the New York Times and Wall Street Journal are talking about the riding…