Procuritas Capital Investors V LP invests in Pierce AB
Procuritas Capital Investors V LP (“PCI V”) invests in Pierce AB, a leading European online retailer focused primarily on the motocross segment on the web platform 24MX.
“We are truly excited about this opportunity. Pierce is a fast-growing niche player within motocross. The company is the Nordic market leader and has quickly built a presence in several European countries. We look forward to work with the company and build a leading European online motocross retailer. We are pleased that the current management and founders of the company will remain major shareholders and are motivated to develop the company further over the coming years.” said Mattias Feiff, Partner at Procuritas Partners AB, advisor to PCI V.
Daniel Petersen, CEO and co-founder of Pierce AB, added “We are enthusiastic to get PCI V on-board and together take the company to the next level. As founders and owners of the business, we feel that the company has grown to a size where a professional board and active owner will provide us with input and support going forward.”
Stefan Rönn, COO and co-founder, added “Pierce AB has been able to accelerate the channel shift in motocross retail from offline to online sales in the Nordic markets. Going forward we see similar opportunities in Europe and we are pleased to have PCI V to support us on that journey.”
About Pierce AB
Pierce AB is an online retailer based in Sweden that sells gear, spare parts and accessories for motocross customers on the web platform 24MX. The company also operates the web platforms XLmoto for on-road motorcycles and Sledstore for snowmobiles, both launched in 2013. The company currently provides local webpages, home delivery and local payment methods in ten European countries of which six has been entered in the last two years.
Sven-Olof Kulldorff will be Chairman of the Board of Pierce AB. Sven-Olof Kulldorff has significant senior management experience within retail, sourcing and logistics, primarily from spending 27 years with IKEA.
Guernsey/Stockholm, May 9, 2014