With the recent acquisition of nextbike – the largest bike share operator in Europe – TIER now operates in more than 410 cities with a fleet of 250,000 vehicles. With the acquisition of Spin and its 50,000 vehicles, TIER is expanding its reach to more than 520 locations in a total of 21 countries worldwide. The combined fleet size of 300,000 vehicles when combined with Spin makes TIER the largest provider of shared multimodal transportation solutions.
Spin has strong partnerships with cities across North America and a track record of creating innovative solutions. The brand is also driven by a groundbreaking approach to building an efficient electric vehicle charging infrastructure system. TIER, on the other hand, is a pioneer in safety and sustainability solutions. The company applies strongly industry-influencing innovations such as replaceable battery technology and the TIER Energy Network, which allows users to replace batteries themselves. The combination of these two international players creates the most responsible and sustainable micromobility city partner in the world.
TIER and Spin are planning a number of joint initiatives – from developing new industry standards to investing in a fleet of e-scooters and e-bikes and implementing technologies that will ensure greater safety for vehicle users, pedestrians and other road users on both sides of the Atlantic. Retrofitting and equipping the Spin fleet with 100 percent replaceable batteries will allow the brand to achieve its sustainability and eco-efficiency goals.
Lawrence Leuschner, CEO and co-founder of TIER Mobility, comments: – “The acquisition of Spin and our entry into the North American market is a very important step in achieving our mission of ‘Changing Mobility for Good’. I am pleased that we can support city dwellers and communities in North America to give up their cars and choose more sustainable urban mobility solutions. This is a key shift to reduce the carbon footprint of more places around the world. We look forward to implementing it with Spin, which shares our approach to responsible partnerships and sustainability.
Ben Bear, CEO of Spin, says: – We share common values. Both TIER and Spin provide the highest level of micromobility services to cities and their residents. They base their operations on strong partnerships and building relationships with employees and business partners. The mission of both companies is to support city dwellers in giving up their cars for sustainable and safe micromobility services. We are extremely enthusiastic about Spin’s continued growth in North America and are excited to be joining forces with TIER. Together we will be the number one choice for cities and users around the world.
The purchase of Spin is another major acquisition completed by TIER in recent months, following last year’s mergers with Wind Mobility, a market leader in Italy, and nextbike, a leading player in the European urban bike market. In addition, in October 2021, TIER announced the completion of its first $200 million Series D financing phase, cementing its position as the highest funded micromobility company in Europe. To date, TIER has raised a total of $660 million in equity and debt financing.
Following a recent restructuring, Spin has completely focused on markets where one or more operators are active and city or campus authorities select partners through a competitive bidding process. Spin has continued to operate in individual cities based on positive EBITDA. This type of thinking is close to TIER, a company focused on building a business that is both environmentally and economically sustainable. Following the merger, Spin will continue to operate as a separate entity in North America. Going forward, Spin’s UK operations will continue under the TIER brand.
The purchase price and other financial details of the transaction will not be announced. J.P. Morgan acted as financial advisor on the transaction and White & Case LLP acted as legal advisor to TIER.
