Divvy Bikes parent sold

Bikeshares Holdings LLC has agreed to buy Alta Bicycle Share, the parent of Divvy Bikes in Chicago and similar bikeshare programs in several other metro areas.

Bikeshares Holdings, a newly formed company, says the deal will bring fresh capital that will allow the company to expand and improve the customer experience. Financial terms weren’t disclosed. Alta Bicycle, founded in 2009, will move its headquarters from Portland, Oregon, to New York City as part of the deal.

Bikeshares Holdings includes the chief executives of fitness company Equinox and real estate firm Related Cos.

Jay Walder will become chief executive of Alta Bicycle when the sale is completed. Walder has held senior positions with metropolitan transit agencies.

“We are passionate about businesses and initiatives that enhance health and wellness and are excited about the acquisition of Alta,” Harvey Spevak, a principal of Bikeshare Holdings LLC and CEO of Equinox, said in a news release.

The Latest
Rashon Kyle was arrested Sunday in the Brainerd neighborhood and charged in the June 12 shooting that killed Vincent J. Barnes, police said.
Assistant U.S. Attorney Jason Julien on Tuesday told U.S. District Judge Harry Leinenweber he should not allow defense attorneys to embark on “a wide-ranging fishing expedition in the hopes of turning up evidence of some kind of government misconduct.”
For the second time in less than a month, an Illinois angler caught a pending Illinois record pink salmon. What is going on?
The Black, Southern cuisine that the Harvey-raised chef learned at home has made Hyde Park’s Virtue the hottest spot on the South Side and made him a success on “Top Chef.”
In one of the attacks, a man was shot in North Kenwood after confronting three men trying to steal his car.