Bird Global, Inc. (BRDS), Tuesday said it has acquired shared electric bike and scooter operator Skinny Labs, Inc, which is doing business as Spin, from Berlin-based TIER Mobility.
The transaction makes Bird the largest micromobility operator in North America by market share and is expected to be immediately accretive to earnings.
The purchase price was $19 million, including $10 million in upfront cash, $6 million in a vendor take back and $3 million as a hold back.
For the 12 months ended June 30, 2023, Spin delivered approximately $45 million in net revenue, bringing the combined net revenue for Bird and Spin to approximately $265 million for that period.
The transaction is expected to have upwards of $20 million in synergies and be immediately accretive to earnings for Bird, due in part to recent operational restructuring.
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.
"Spin is a great financial and strategic acquisition for Bird and we expect this acquisition will enable us to achieve long term sustainable profitability. In addition to our overall market leadership in North America, the company now holds a leading market share position in key markets, more new vehicles, cutting-edge technology and a significantly stronger financial position," said Michael Washinushi, Bird Interim CEO. "Bird and Spin have many strategic synergies, which we believe will have an immediate impact in the third quarter. We are thrilled to welcome the Spin team to the Bird family and excited to continue to execute on our shared vision of a more liveable, sustainable future. Due to the success we are having in improving Bird's financial performance we are able to make acquisitions like Spin today."
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