EQUIP CAPITAL takes majority stake in RYDE
Context
Equip Capital has acquired a 60% majority stake in Ryde to support the company's next phase of growth in the Nordic micromobility market. This transaction allows the founders to remain heavily involved in the company's capital and management while partnering with an investor that brings the necessary financial resources and expertise to accelerate growth. Through this investment, Equip aims to drive Ryde's geographic expansion and strengthen its presence in key Norwegian cities. Ryde operates in a rapidly growing micromobility market, driven by increasing adoption of more flexible and environmentally friendly urban transportation solutions. The company has quickly established itself as a leading player in the sector, thanks to its proprietary technology platform and highly effective operational management. By acquiring a 60% stake, Equip Capital is well-positioned to support Ryde's continued growth and expansion in the Nordic region. The partnership will enable Ryde to leverage Equip's financial resources and industry expertise, while the founders will continue to play a key role in shaping the company's strategy and direction. As the micromobility market continues to evolve, Ryde is poised for further success, driven by its commitment to innovation, customer satisfaction, and sustainability.
RYDE, which reported an EBITDA margin of in 2021, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Retail & Consumer sector (11.0x).
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Target
Ryde is a micromobility operator founded in 2019 by Johan Olovsson and Espen Rønneberg. Headquartered in Oslo, the company offers urban mobility solutions primarily based on dockless e-scooters for short-distance trips in city centers. Ryde has established itself as a leading independent player in Northern European micromobility, driven by a business model focused on operational profitability and complete control over its value chain. Unlike many of its competitors, Ryde manages its technology, fleet, and daily operations in-house, enabling the company to optimize costs and enhance the efficiency of its network. With a fleet of over 120,000 vehicles deployed across 69 cities in Norway, Sweden, Finland, and Germany, Ryde's platform serves approximately 880,000 monthly active users, who have completed nearly 63 million trips as of 2025.
Ent. Value
Equity Value
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EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (NOK)
Other operations with RYDE
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 06/2026 | EQUIP CAPITAL / GOLDMAN SACHS | RYDE | NORWAY | Cycling & Micromobility |
REFERENCES
Revenue range: 100M - 200M NOK
EBITDA range: 5M - 25M NOK
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Target: ryde
Acquirer: equip capital