Bird Global says Skinny Labs deal to be immediately accretive

Bird Global announced it has acquired shared electric bike and scooter operator Skinny Labs, doing business as Spin, from Berlin-based TIER Mobility. The transaction is expected to be immediately accretive to earnings. Spin is now a wholly-owned subsidiary of Bird Rides. 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. For the 12 months ended June 30, 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. Bird said, “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. The company plans to leverage this leadership position 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. Combined with Spin, Bird now operates in 87% of the 50 most populous cities in the United States and Canada2 that have a shared micromobility program.”