Sidley advised KKR on its investment in Zwift, the global online fitness platform for cyclists and runners. The investment was part of a US$450 million minority investment round in Zwift led by KKR, and in which KKR was accompanied by other new investors Permira, Specialized Bicycle Components’ venture capital fund, Zone 5 Ventures, and the Amazon Alexa Fund, and by existing investors, including True, Highland Europe, Novator, and Causeway Media. The investment will be used to accelerate the development of Zwift’s core software platform and bring Zwift-designed hardware to market. The investment is subject to customary closing conditions.
The Sidley team was led by Private Equity partners Wim De Vlieger (London) and Vijay S. Sekhon (San Francisco) and included partner Dan Clivner (Century City), associates Andrew Dwyer (New York), Hui Zhen Gan (London) and BinQuan Zhuang (Palo Alto). Additional support was provided by partner Christian Brause and associate Rémi D. Gagnon (Tax), counsel Eric G. Hoffman and senior associate Peter McCorkell (Labor & Employment), partner Lauren A. Gallagher and associate Elizabeth Burns (Employee Benefits and Executive Compensation), counsel Ash Nagdev, senior associate Francesca Blythe and associates Michael Roberts and Jasmine Agyekum (Privacy), and partner Jennifer Coplan and associates E. Kyle Barnett and Summer Danzeisen (Technology & IP Transactions).
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