Odyssey Private Equity acquires a significant stake alongside the founders of leading Australasian online cycle brand “MTB Direct” (MTBD)
Odyssey Private Equity Pty Ltd and MTB Direct (MTBD) are pleased to announce that Odyssey Fund 8, LP (“Odyssey”) has agreed to acquire a significant stake alongside the founders of leading Australasian online cycle brand, MTBD. Whilst the terms of the transaction are confidential, Odyssey will be investing further capital to allow MTBD to grow and build on its customer offering.
Founded in 2012 by a trio of passionate mountain bike riders, MTBD is now Australia’s leading pure play online destination for mountain bike products, knowledge and connection. MTBD combines their knowledge of the sport with the increasing popularity of ecommerce, appealing to enthusiasts who want the range, convenience and flexibility of online shopping.
The business has achieved strong growth across all of its product categories over recent years. This growth has been driven by both the increasing popularity of cycling, particularly mountain biking, as well as MTBD’s focus on providing a high-quality customer experience to riders from beginner to expert.
Jen Geale, CEO and co-founder of MTBD, said “At MTBD, we combine a real passion for the sport and the industry with a well-developed understanding of our customer. Leveraging our background in running physical bike shops, we have been able to create a high-quality digital customer service experience. We are absolutely stoked about what lies ahead for MTBD and look forward to working with the highly-experienced Odyssey team to translate our vision into reality.”
Paul Readdy, Director of Odyssey, said “We are really excited to have the opportunity to partner with passionate founders and management that clearly have a deep knowledge of the market and their business. The growth achieved by MTBD in recent years has been exceptional, demonstrating the business’ unique customer offering and connection with riders”.
The founders of MTBD were advised by Deloitte Corporate Finance.
For further information please contact:
MTB Direct
Jen Geale
CEO
jen.geale@mtbdirect.com.au
Odyssey Private Equity
Paul Readdy
Partner
paul@odysseype.com.au
