(Photos by J. Maus/BikePortland)
You might have heard by now: A local bike business that bootstrapped its way to the national stage, and then suffered a dizzying series of problems, has sold.
Alta Bicycle Share, a startup that unexpectedly became much larger than the bike planning company that birthed it after launching popular and successful systems in Boston and Washington DC, announced Tuesday that it has been purchased by New York City real estate developer REQX Ventures.
Terms of the deal haven’t been disclosed. In July, the Wall Street Journal pegged the deal at $40 million, but it’s not clear whether any of that money went to Alta’s founders or will be invested directly into the company. It’s also not clear whether Alta’s six cofounders (including local executive and former Portland bicycle coordinator Mia Birk) retain any ownership in the firm.