CDPQ reinvests $20 million in Québec-based Laps
Caisse de dépôt et placement du Québec (CDPQ) announces a $20 million reinvestment in Laps. The company now comprises three transactional sites specialized in the purchase and resale of reconditioned sports equipment: Golf Avenue and Golfbidder, respectively the North American and European leaders in the golf sector, as well as Cycling Avenue, the Canadian leader in the cycling sector.
With this investment, the company intends to continue executing its ambitious growth plan, while pursuing its mission of maximizing product life. This transaction will also allow Laps to further optimize its technology platform by capitalizing on data science and artificial intelligence. Through its brands, Laps now has close to one million customers and expects to double its sales by 2024.
Guided by the principles of the circular economy, Laps aims to organize and structure the recommerce of sporting goods through its various specialized sites. The goal is to provide consumers with a transactional experience comparable to that of the best shopping sites for new items. Laps inspects and certifies all products sold, offers a wide range of payment options, free shipping, a competitive return policy and an omnipresent customer service. Not only is the experience seamless, but it is also impactful, as opting for a refurbished product instead of a brand-new item reduces the carbon footprint of your purchase by 99.1%.
“We’re aiming to make recommerce the new standard. We’re confident that consumers will make a conscious choice for refurbished products if they are offered the certainty of the best quality, price and experience. At Laps, we dream of a world where products circulate from one person to another throughout their useful life,” said Pierre-Luc Laparé, President and Co-founder of Laps. “With CDPQ’s financial support and guidance, and our talent and technological advances, we’re well positioned to continue expanding our existing brands in North America and Europe.”
This transaction is part of the strategy of Ambition ME, a suite of financing solutions and support services from CDPQ for Québec mid-market companies with high growth potential, to take them to their next stage of growth.
“From the time of our initial investment in 2019, we’ve been impressed by Laps’ innovative and distinctive business model, based on the circular economy and helping to minimize the consumption carbon footprint,” added Kim Thomassin, Executive Vice-President and Head of Investments in Québec and Stewardship Investing at CDPQ. “We’re pleased to strengthen our partnership within Laps, alongside a dynamic and experienced team, to provide the company with the means to achieve its ambitions.”
Specialized in the circular economy, Laps is changing the way golf and cycling enthusiasts buy and consume, by professionalizing the product reuse cycle. Athletes can trade their equipment while experts handle the refurbishing and certification process on three transactional sites: Golf Avenue, Cycling Avenue and Golfbidder. Laps is growing rapidly and today we have over one million customers in 11 countries with access to a vast inventory that includes hundreds of thousands of items each year. In our Montreal and London offices, we have more than 150 passionate employees contributing to a culture of change in the sports industry.
At Caisse de dépôt et placement du Québec (CDPQ), we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2021, CDPQ’s net assets totalled CA$390 billion. For more information about CDPQ, visit cdpq.com, follow us on Twitter or consult our Facebook or LinkedIn pages.
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