Bird acquires Spin from Tier for $19 million

Bird Global Inc. a leader in environmentally friendly electric transportation, has acquired shared e-bike and e-scooter operator Spin from Tier Mobility.

The transaction makes Bird the largest micromobility operator in North America by market share.

Spin is now a wholly-owned subsidiary of Bird Rides, Inc. 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.

This transaction was supported by MidCap Financial Investment and MidCap Financial Trust, managed or advised by Apollo Capital Management, LP.

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.

The company plans to leverage this leadership position to further expand its operations in multiple profitable key cities such as Baltimore, Salt Lake City, and Washington D.C, one of the top micromobility markets for cash flow in North America, as well as major university campuses such as Penn State University and the University of Michigan.

Combined with Spin, Bird now operates in 87% of the 50 most populous cities in the United States and Canada that have a shared micromobility program.

Michael Washinushi, Bird Interim CEO, said: “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.

“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.”

Spin brings Bird a fleet of over 60,000 vehicles, a significant portion of which are new, state-of-the-art vehicles.

Read more: Tier launches shared e-bike and e-scooter service in Bath

Philip Reinckens, CEO of Spin, added: “We are excited to join forces with Bird, an innovative brand and a pioneer in micromobility.

“Together Bird and Spin create a powerful player in the North America market — one that is focused on responsible partnership, bringing reliable alternative transportation options to the communities we serve, and creating a more sustainable future.”