Sidley Austin LLP advised KKR on the deal. Jones Day advised True Capital, in connection with its participation in the investment round.
KKR announced 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.
KKR & Co. Inc. operates as an investment firm. The Company manages investments such as private equity, energy, infrastructure, real estate, credit strategies, and hedge funds. KKR & Co serves clients worldwide.
The Sidley team was led by Private Equity partners Wim De Vlieger (Picture) 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).
The Jones Day team was led by Lara Pender (Detroit), Patrick Stafford (London), John MacGarty and Hannah Rose (London).
Involved fees earner: John MacGarty – Jones Day; Lara Pender – Jones Day; Hannah Rose – Jones Day; Patrick Stafford – Jones Day; Jasmine Agyekum – Sidley Austin LLP; Kyle Barnett – Sidley Austin LLP; Francesca Blythe – Sidley Austin LLP; Christian Brause – Sidley Austin LLP; Elizabeth Burns – Sidley Austin LLP; Dan Clivner – Sidley Austin LLP; Jennifer Coplan – Sidley Austin LLP; Wim De Vlieger – Sidley Austin LLP; Andrew Dwyer – Sidley Austin LLP; Rémi Gagnon – Sidley Austin LLP; Lauren Gallagher – Sidley Austin LLP; Eric Hoffman – Sidley Austin LLP; Peter McCorkell – Sidley Austin LLP; Ash Nagdev – Sidley Austin LLP; Michael Roberts – Sidley Austin LLP; Vijay Sekhon – Sidley Austin LLP; Hui Zhen Gan – Sidley Austin LLP; BinQuan Zhuang – Sidley Austin LLP;