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.
“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.