This is crazy! What a move CEO of the year?
Bird Acquires Spin, Now North America’s Largest Micromobility Operator By Market Share
Tue, September 19, 2023, 2:26 PM EDT
UP 100% <---------------------------!
Synergies upwards of $20 million and key profitable markets including Washington D.C., Baltimore, MD and Salt Lake City UT.
Combined, Bird will serve approximately 350 markets globally with over 200,000 vehicles
MIAMI, September 19, 2023--(
BUSINESS WIRE)--
Bird Global, Inc.(NYSE:BRDS), ("Bird" or the "Company") a leader in environmentally friendly electric transportation, today announced it has acquired shared electric bike and scooter operator Skinny Labs, Inc, (doing business as
Spin) from Berlin-based TIER Mobility. The transaction makes Bird the largest micromobility operator in North America by market share1and is expected to be immediately accretive to earnings. Spin is now a wholly-owned subsidiary of Bird Rides, Inc. The purchase price was $19 million, including $10 million in upfront cash, $6 million in a vendor take back and $3 million as a hold back. This transaction was supported by MidCap Financial Investment and MidCap Financial Trust, managed or advised by Apollo Capital Management, LP.
For the 12 months ended June 30, 2023, Spin delivered approximately $45 million in net revenue, bringing the combined net revenue for Bird and Spin to approximately $265 million for that period. The transaction is expected to have upwards of $20 million in synergies and be immediately accretive to earnings for Bird, due in part to recent operational restructuring.
Spin, which is headquartered in San Francisco, has a strong presence in North America including operations in over 50 cities and university campuses with minimal overlap with Bird’s existing footprint. The acquisition increases Bird’s geographical footprint, solidifying its position as the leading micromobility operator in North America by market share and by number of markets serviced.
