Alta Bicycle Share bought out by Bikeshare Holdings, LLC

Alta Bicycle Share, the vendor behind Pronto Cycle Share, announced yesterday that it has been bought out by Bikeshare Holdings, LLC.

Alta Bicycle Share, a Portland-based independent company, was originally founded in 2009 and manages 10 bike share systems, including: Citi Bike in New York City; Divvy in Chicago; and Pronto Cycle Share, Seattle’s shiny new system.

Bikeshare Holdings, LLC is a newly-formed investment venture that includes the CEOs of Equinox®, a fitness and high performance lifestyle leader; Related Companies, one of the nation’s most prominent real estate firms; as well as private investor Jonathan Schulhof.

The terms of the agreement were not disclosed, but Holly Houser, executive director of Pronto Cycle Share, spoke enthusiastically about the agreement.

“We think this is a really positive thing. Alta [Bike Share] is a small company that grew really quickly and they had issues keeping up with the growth,” she said.

For Citi Bike, the buyout means a doubling of its system. According to Citi Bike’s blog, they will add 6,000 bikes and 375 stations by 2017. The cost of an annual membership will also increase – from $95 to $149.

Concerns of access and equity come with a price increase in public transportation.

Michael Anderson, BikePortland.org's news editor, said that regardless of the operator, “the cities that own these services shouldn't be under any illusion that their operators are out for anything but profitability… it's up to cities and the public to demand public benefit for public investment.”

Even with the price increase, Citi Bike points out that an annual pass (which breaks down to $12.42 per month) will be less than a monthly transit pass in New York ($114 per month). Additionally, Citi Bike is maintaining the $60 discounted membership for individuals with lower incomes.

Houser said the buyout will not have an immediate impact on Pronto Cycle Share’s operations.

“We don’t have any intend in changing the pricing structure anytime soon,” said Houser.