Steuart and Tom Waltons’ RZC Investments is now the majority shareholder of cycling lifestyle brand Rapha of London, England, the companies announced Monday.
Rapha declined to release a valuation figure.
The BBC reported that Aston Martin shareholder Investindustrial was interested in Rapha, and, according to Red Kite Prayer, the cycling brand had been courting buyers. Clycling blog Red Kite Prayer reported that LVMH, the group that owns Louis Vuitton, was interested in the company.
Other Rapha owners include Founder and CEO Simon Mottram and lead investor Active Partners of London.
The brand was launched in 2004. Mottram will remain as CEO and has “retained a significant part of his stake in the business,” according to a news release.
The Walton bothers are the sons of Jim Walton, chairman of Arvest Bank and the youngest son of late Wal-Mart founder Sam Walton. Their investment will allow Rapha to roll out its clubhouse network and membership club, add products and services, expand its reach globally, and “strengthen its leadership position in cycling,” the company said.
Steuart Walton, co-founder of RZC Investments, said in the release, “Rapha represents the very best in the world of cycling. Our investment demonstrates our enthusiasm for its quality products, amazing community of cyclists and customers and its strong future. Rapha’s strategic vision has set the company on a path of tremendous growth and opportunity. We’re excited to be part of this next chapter by bringing the best sport in the world to more people in more ways and places.”
Mottram said in the release, “This is an exciting day for Rapha. It heralds the start of the next stage of our…
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