Keindl Sport has 50 employees and annual revenues of approx. HRK 100 million. The partnership between PCP and the Company’s founder, Kristijan Keindl, focuses on regional expansion and new acquisitions
Zagreb, March 03, 2021 – Provectus Capital Partners (“PCP”), a South East Europe focused investment firm, has finalized its investment in Keindl Sport Trgovina (Keindl Sport), a leading regional sports equipment wholesaler & retailer in Croatia and the wider region, with particular focus on bicycles and bicycle equipment.
PCP will continue to develop Keindl Sport in partnership with the Company’s founder. The Company currently employs about 50 people and generates annual revenues of approx. HRK 100 million. The Company’s focus is further regional expansion, both organically and through new acquisitions.
“Keindl Sport is a highly attractive business that provides a unique offering in the sports equipment segment. The Company is strategically well-positioned for continued growth given the global trends in a healthy lifestyle. The use of Electric bikes is increasing across Europe due to demonstrated benefits in areas of urban commuting and last mile delivery logistics. We are proud to support the Company’s next chapter of further expansion,” Igor Čičak, President of the Management Board and Managing Partner of PCP, stated.
Founded in 1998, Keindl Sport combines wholesale, retail, and online sales to serve the markets of Croatia, Slovenia, Bosnia and Herzegovina, Serbia, Montenegro, and North Macedonia. The Company’s portfolio encompasses a wide range of sports equipment, focusing on premium bikes and e-bikes. With its strong customer focus, the Company has grown into the no.1 web shop in the bicycle category and holds Best Buy and Customer’s friend certificates.
“We are thrilled to have an opportunity to partner with the founder of Keindl Sport, Kristijan Keindl. With over two decades of experience, his expertise and understanding of trends in bicycle and skiing segments are unmatched in the region. Together with the Keindl Sport team and the Company’s long-term suppliers, we are looking forward to continue delivering high-quality products to customers”, said Marko Galić, Partner of PCP.
“I am tremendously proud of the results the team at Keindl Sport achieved, particularly over the last 12 months, which saw sales growth unprecedented in the Company’s history. PCP’s investment will accelerate the next phase in the Company’s development. With PCP we have secured funds and know-how for regional expansion and acquisitions”, said Kristijan Keindl, founder and CEO of Keindl Sport.
The investment in Keindl Sport is the first transaction financed from PCP’s ASEF fund (Adriatic Structured Equity Fund), which is supported by the European Investment Fund and the Croatian Bank for Reconstruction and Development under the CROGIP program.