WESPORTS GROUP ENTERS STRATEGIC PARTNERSHIP WITH CYCLE GROUP: BECOMES MARKET LEADER IN CYCLING IN FINLAND
Malmö, October 24, 2025 – WeSports Scandinavia AB (“WeSports Group” or “the Company”) strengthens its Nordic presence through a strategic partnership with Cycle Group Oy (“Cycle Group”), owner of Finland’s leading specialist bicycle chain Pyörävarikko. With the partnership, WeSports accelerates its growth journey – becoming the market leader in cycling, in both Sweden and Finland. In 2024, Cycle Group reported revenues of approximately 20 MEUR with good profitability.
“Cycle Group is one of the most dynamic and fast-paced bike companies that we have seen in the Nordics. In just four years, they have established a leading position in their home market – showcasing an entrepreneurial spirit and winning mindset that resonates well with WeSports. Together, we will strengthen our positions and accelerate synergies – through shared logistics, joint purchasing, and development of our own and exclusive brands,” says Ted Sporre, CEO of WeSports Group.
Founded in 2021 by the three entrepreneurs Justus Malassu, Timo Kallio, and Juha Kallio, Cycle Group has experienced rapid growth and strong profitability. Today, the company has expanded to eight Finnish cities and built a leading premium retail and e-commerce platform under the Pyörävarikko brand.
WeSports initially enters as a strategic partner, with an option to increase ownership to 51%, and later 91%. Cycle Group will initially be treated as an associated company within WeSports and will not yet be consolidated into the financial reporting. While Cycle Group initially will be reported as an associated entity, its operational integration and synergy potential are expected to contribute to the Company’s performance during 2026.
The partnership is part of the WeSports’ strategy to build leading specialist positions in each Nordic market and relevant sport category. Cycle Group further strengthens the Company’s position in Finland – making WeSports the market leader in yet another country.
The partnership also supports operational synergies with the Company’s current cycling-focused subsidiaries, such as Spobik, Cargobike, and Huntteri – including shared resources, joint purchasing, and coordinated inventory management. In addition, all parties will benefit from expanded distribution channels and stronger assortments.
“WeSports brings a unique level of scale, experience, and vision that will help us reach new heights! We all share the same entrepreneurial drive and passion for cycling. I am certain that we, together, can accelerate growth and deliver even better value to the Finnish cycling community,” says Juha Kallio, Co-founder and Chairman of the Board at Cycle Group.
Amid recent regulatory changes impacting the Finnish benefit-bike market, the partnership allows both parties to leverage the Company’s experience from similar transformations in Sweden.
“I am confident that we can further advance Cycle Group’s position in the Finnish market amid the ongoing changes in the benefit bike segment. WeSports has extensive experience through our companies Bikelease and BENY Cyklar, where we have made similar journeys. We look forward to an exciting road ahead,” Sporre adds.
CONTACT
Ted Sporre
CEO, WeSports Scandinavia AB
+46 737 09 23 88
ted.sporre@wesportsgroup.com
Juha Kallio
Co-founder and Chairman of the Board, Cycle Group Oy
juha@pyoravarikko.fi
ABOUT WESPORTS GROUP
WeSports Group is a Nordic sports equipment specialist group. We hold leading market positions in the most attractive sports categories, such as cycling, fitness, running, hockey, floorball, skiing, and outdoor – and strive for expansion in further sports and lifestyle areas. WeSports Group targets elite athletes and active individuals through online- and physical stores, while distributing own- and external brands.
We acquire and develop specialist companies, allowing them to operate independently, within a decentralized structure, and take advantage of shared infrastructure and strategic support. As of Q2 2025 (R12), WeSports Group achieved a turnover of 2.7 billion SEK, driven by strong organic growth and solid profitability.
Read more about WeSports Group: www.wesportsgroup.com
ABOUT Cycle Group
Founded in 2021, Cycle Group Oy operates under the Pyörävarikko brand and has rapidly become Finland’s leading specialty bicycle retailer. The company has expanded nationwide with eight stores, including Vaanta, Espoo, and Turku, complemented by a strong e-commerce platform.
During 2025, the company further strengthened its presence in southern Finland through the acquisition of Pyöräliike Varustamo Oy in Lappeenranta. Cycle Group focuses on premium bicycles, accessories, and maintenance services, offering leading global brands alongside a customer-centric service model. In 2024, Cycle Group generated approximately 20 MEUR in revenue with solid profitability.
Read more: www.pyoravarikko.fi