Berria Bikes, a Spanish company specialized in high-performance bicycles, reaffirmed its ambitious international expansion plan with the entry of Suma Capital as a shareholder.
The multi-asset manager, who is the leader in the sustainability funds management, has joined Berria as a minority shareholder to support its international growth through a capital increase that aims to provide resources to strengthen the company’s structure and balance sheet.
Berria Bikes, founded by professional cyclists David and José Vitoria, closed its last financial year in June 2022 with 16 million euros in revenues, 55% more than in the previous financial year. During the first half of Berria’s previous financial year (July-December 2022), 35% of the company’s sales originated from international markets, which indicates a strong progress versus the 25% recorded in the same period of 2021.
The company currently sells its products in more than 400 specialised points of sale across 30 countries, including Spain, France, Italy, Holland, Belgium and Germany. Berria Bikes’ growth strategy has been reflected in the last year with the expansion of its production plant and the reinforcement of its organisational structure, with the appointment of Thierry Gracia, former sales director of Mondraker in southern Europe, as Global Sales Manager, and Philippe Sabatie, sales manager of BH in France, as Berria Bikes’ country manager in France, among other appointments.
"We have found in Suma Capital the ideal partner to support us in this new stage that we are entering as a company. Our goal is to continue expanding in new international markets as we continue creating a leading brand in the performance segment. We share the same values, and that has been crucial in trusting Suma Capital as our partners in this journey. We have a common vision on essential issues, such as the importance of sustainability", says David Vitoria, CEO and co-founder of Berria Bikes.
Suma Capital closes this transaction without ruling out complementary shareholding acquisitions to enter new markets or promote new product categories. In addition, the firm will support Berria Bikes with its expansion capital fund SC Growth Fund II, endowed with €160 million. This fund seeks to back profitable Spanish companies to accelerate their growth plans, with both majority and minority stakes.
"At Suma Capital we are very excited to team up with such passionate founders as the Vitoria brothers in ensuring that Berria Bikes continues to soar and become one of the top 10 brands in Europe: providing human and material resources to maintain healthy growth both organically, and through acquisitions and implementing the best financial, organisational and environmental practices", says Manuel Cebrián, partner at Suma Capital.
For the transaction, Berria Bikes has been advised by Omega Financial Partners and Gomez-Acebo y Pombo. For the analysis of this investment, Suma Capital has been advised by KPMG in corporate finance and Due Diligence, as well as PwC Strategy& and Euro-Funding, the latter in ESG matters. Bufete Castilla Abogados provided legal advice.
About Berria Bikes
Berria Bikes is a Spanish company specialising in the design, manufacture and sale of high-performance bicycles for the mountain and road segments, which stands out for its capacity for technological innovation and the high degree of customisation of its products.
Based in Villarrobledo (Albacete) and founded by brothers David and José Vitoria, Spanish-Swiss professional cyclists, Berria Bikes embodies the Vitoria family's passion for cycling and their ambition to help cyclists achieve their goals. The company has gone international, and its high-performance road, MTB, gravel and electric bikes are available in different markets in Europe and America, both for competition and for cycling enthusiasts. The company continues to innovate by redefining new features, materials and technologies applied to the creation of cutting-edge bicycles.
About Suma Capital
Suma Capital is an independent alternative asset manager and a leader in energy transition and climate action. The firm focuses its investments in sustainability through three different programmes: Infrastructure, Growth Capital and Venture Capital. Suma Capital was founded in 2007 and today is a European player with more than €800m under management and a presence in Barcelona, Madrid and Paris. The Growth Capital division is a pioneering initiative that has been supporting Spanish founders for 10 years to take their business projects to the next level, with both financial and socio-environmental returns.
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