KJK Sports on Tuesday announced the completion of the purchase of Baltic Bicycle Trade UAB, the parent company of Baltik Vairas UAB, based in Šiauliai, Lithuania.
The acquisition was made by KJK Fund III S.C.A. SICAV-RAIF, advised by KJK Management SA, and acting through its Luxembourg-based sporting goods investment company, KJK Sports.
“We are thrilled to add Baltic Vairas to the KJK Sports portfolio,” said Kustaa Äimä, managing partner of KJK Management. “This strengthens KJK Sports’ position as the leading bicycle producer in the European market. The acquisition of Baltic Vairas opens significant synergy options with Leader 96 and also brings valuable contacts and know-how.”
Jeffrey Tirman, CEO of KJK Sports, added, “With the purchase of Baltik Vairas, in combination Leader 96, KJK Sports is now the largest contract bicycle manufacturer in Europe, with current annual production in excess of 550,000 units (including both regular and e-bikes), and capacity of nearly 1,000,000 bicycles.”
And Žilvinas Dubasas, CEO of Baltik Vairas, said, “We are excited to be joining the KJK Sports group of companies and look forward to cross-platform fertilisation of branding and marketing ideas, as well as achieving synergies and gaining access to new competencies.”
The Cobalt Law Firm and EY, both based in Vilnius, acted as legal and financial advisers for KJK.