WeSports acquires leading bike brand Cargobike for further expansion in Europe

Malmö, June 28, 2024 - WeSports (or “the Company”) is pleased to announce the approval of the strategic partnership with Cargobike of Sweden, where the Company acquires a holding stake in Cargobike.

Cargobike is the market-leading cargo bike and functional mobility specialist in the Nordics. In 2023, Cargobike had a turnover of 116 MSEK and delivered 5,000 cargo bikes. The strategic partnership will considerably strengthen WeSports’ own brand offering in its Bike and Mobility business.

The market for cargo bikes is growing annually, with an increasing number of individuals replacing their cars with electric cargo bikes. With WeSports’ support, Cargobike will expand its Nordic business into Europe, invest in an expanded product portfolio, gain new warehouse and logistics capabilities, and increase the delivery speed.

The brand is renowned as family-friendly, safe, and affordable. In 2024, Cargobike was the first European cargo bike to be awarded the full German quality certificate by TÜV SÜD under DIN 79010. Cargobike designs and manufactures its own models. There are currently 15 models with completely new models being launched in 2024 and 2025.

“The acquisition of Cargobike is an exciting addition to WeSports and in line with our goal – to gather the best specialists into our group. We look forward to assisting Cargobike in their continued growth journey, including further expansion into Europe.",
says Niklas Hammar, COO of WeSports.

With over 17 years of experience, the design of the brand’s cargo bikes is traditional, robust, and designed to handle the demanding Nordic climate.

“Cargobike has, over the years, established a strong market position in the cargo bike segment. We are seeing exciting growth potential ahead with our new product launches as well as geographical expansion. Together with WeSports, we can accelerate our growth initiatives in multiple areas.” says Peter Demaltén, CEO of Cargobike of Sweden.

About Cargobike

Cargobike was founded in 2007 and is the oldest cargo bike brand in Sweden. Cargobike is managed by the founders Peter Demaltén and Peter Johnson. The company has its head office, showroom, and manufacturing in Malmö. In addition, there is a showroom in Stockholm and demo stores in all Nordic markets.

Cargobike's unique models are internally designed, setting them apart from many low-end competitors who use pre-designed Chinese options. Emphasizing quality, Cargobike focuses on continuous product development, regularly enhancing design and features.

Cargobike now exclusively sells electric- powered cargo bikes. Cargobike has access to approximately 2,000 square meters of production and warehouse space. All cargo bikes are assembled in Malmö. All products undergo a detailed final test before the bike is ready to leave the factory. 

Read more about Cargobike here:
www.cargobikeofsweden.se/en/

About WeSports

WeSports is a Nordic sports performance category expert group. WeSports is the leading Nordic specialist in three performance sport areas. Bikes & Mobility, Running & Outdoor, and Training & Team sports. WeSports addresses the elite athlete and sport and healthy lifestyle enthusiasts, through physical and online stores, as well as distribution of own and controlled brands. 

WeSports acquires and develops performance sport & leisure equipment specialists and lets them operate freely in a decentralized structure on the back of a common infrastructure. At WeSports the core belief is that the entrepreneurial spirit is key to success. Therefore, all brands are run by entrepreneurs and local teams, supported by WeSports in areas of their choosing. 

The group had a proforma turnover of 2,3 bSEK in 2023. The group has continued to show a healthy organic growth in 2024 with profitability and healthy finances. The Bike & Mobility segment accounts for 33% of the group's turnover. 

Read more about WeSports here:
www.wesports.se

Contacts 

Martin Appelfeldt 
CEO WeSports Scandinavia AB 
+46 702-898815 
martin.appelfeldt@wesportsgroup.com 

Peter Demaltén
CEO Cargobike of Sweden
+46 70 899 55 42
demalten@cargobike.se