Walton brothers buy into cycling’s Rapha
RZC Investments, founded by Steuart and Tom Walton, has become the majority shareholder of London-based cycling brand Rapha.
Financial terms of the investment were not disclosed. But the grandsons of Wal-Mart founder Sam Walton acquired a majority stake in the apparel and accessories company for a reported $260 million, according to Sky News.
Rapha was founded in 2004 and operates a direct-to-consumer business.
The Walton brothers are biking enthusiasts who have invested millions into improving the trail system in Northwest Arkansas, which has helped the region grow into a popular destination for mountain bikers.
Their acquisition will allow Rapha — which said it has more than 200,000 customers and 450 employees — to roll out additional products and services and expand its reach globally.
“Our investment demonstrates our enthusiasm for its quality products, amazing community of cyclists and customers and its strong future,” Steuart Walton said in a news release.