Bird Global (NYSE:BRDS), a Miami, FL-based environmentally friendly electric transportation company, acquired Skinny Labs, Inc, (doing business as Spin), a San Francisco, CA-based shared electric bike and scooter operator, from Tier Mobility.
The purchase price was $19m, including $10m in upfront cash, $6m in a vendor take back and $3m 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 $45m in net revenue, bringing the combined net revenue for Bird and Spin to approximately $265m for that period. The transaction is expected to have upwards of $20m in synergies and be immediately accretive to earnings for Bird, due in part to recent operational restructuring.
With the acquisition, Bird will increase its geographical footprint, solidifying its position as the leading micromobility operator in North America by market share and by number of markets serviced. The company plans to further expand its operations in multiple profitable key cities such as Baltimore, Salt Lake City, and Washington D.C, one of the top micromobility markets for cash flow in North America, as well as major university campuses such as Penn State University and the University of Michigan. Spin brings to Bird a fleet of over 60,000 vehicles. Combined, Bird will serve approximately 350 markets globally with over 200,000 vehicles.
Led by Philip Reinckens, CEO, Spin is a shared electric bike and scooter operator with a meaningful presence in North America including operations in over 50 cities and university campuses with minimal overlap with Bird’s existing footprint.
Bird is an electric vehicle company dedicated to bringing environmentally friendly transportation solutions such as e-scooters and e-bikes to communities across the world. Its mobility solutions are available in 350 cities, primarily across Canada, the United States, Europe, the Middle East, and Australia. The company partners closely with the cities in which it operates to provide an affordable transportation option for people who live and work there.