Point King, Skip Capital in $111m payday by selling down Factor Bikes
The Australian investors will partially cash out their stake in the premium bicycle maker, selling a 21 per cent holding to Chinese manufacturer Zhonglu.
Sydney buyout firm Point King Capital and Scott Farquhar’s Skip Capital are set to partially cash out their investment in premium bicycle maker Factor Bikes, agreeing to sell down to Chinese manufacturer Zhonglu in a deal that values the company around $US70 million ($111 million).
The transaction, which remains subject to Chinese regulatory approval, will see Zhonglu acquire a 21 per cent stake in Factor Bikes, while both Point King, founded by former Jurlique chief executive Sam McKay, and Skip Capital will retain minority positions in the business.
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Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics. Connect with Jessica on Twitter. Email Jessica at jessica.sier@afr.com
