Micromobility specialist Bird has acquired electric bike and scooter operator Skinny Labs, trading as Spin, from Tier Mobility.
The acquisition price was $19 million and a release from Bird said the deal makes it the largest micromobility operator in North America.
The release also said San Francisco-based Spin made net revenue of $45 million for the 12 months that ended June 30 and that the acquisition will bring at least $20 million in synergies to Bird.
The acquisition boosts Bird’s footprint in the United States, where Spin has a presence in more than 50 cities.
Subscribe to our newsletter below
Michael Washinushi, interim CEO of Bird, 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.”
Tier acquired Spin in early 2022 marking its entry into the North American market. Tier has also made further acquisitions in recent years including Italy’s Vento Mobility and Nextbike, both in late 2021.
Tier has also attracted significant investment, adding $200 million in a Series D round in October 2021, bringing the total to $660 million at the time.