Sources: Alta Buyout a Done Deal; New York Citi Bike Fleet to Double

The REQX Alta purchase bodes well for bike-share in NYC and beyond. Photo: Brad Aaron
The REQX purchase of Alta bodes well for bike-share in NYC and beyond. Photo: Brad Aaron

The buyout of Alta Bicycle Share rumored since July is finally a done deal. Alta — which operates New York’s Citi Bike, Washington, DC’s Capital Bikeshare, Chicago’s Divvy, and several other cities’ systems — will be purchased by REQX Ventures, an affiliate of the Related Companies and its Equinox unit.

The injection of capital from REQX is expected to help resolve lingering problems with Citi Bike’s supply chain, software system, and operations, which until now have prevented any expansion of the bike-share network.

The sale was reported Friday by Capital New York’s Dana Rubinstein, and Streetsblog has confirmation from two people with knowledge of the deal.

Rubinstein reported that REQX plans to double the size of the Citi Bike fleet to 12,000 bikes. Annual membership prices are expected to increase about 50 percent.

New management and an infusion of funds from REQX bodes well for all Alta bike-share programs over the next year after a stagnant 2014. Alta’s supply chain troubles have hampered system expansions in Chicago, DC, Boston, and San Francisco, among other cities.


The Citi Bike Deal Is Great News for Other Cities Too

Andrew Tangel at the Wall Street Journal had an encouraging update this week on the Citi Bike buyout plan first reported by Dana Rubinstein in Capital New York. It looks like the city is days away from announcing a deal in which REQX Ventures, an affiliate of the Related Companies and its Equinox unit, will […]

Bixi Bankruptcy: What Does It Mean for American Bike-Share?

The Montreal-based equipment supplier for several American bike-share systems, including New York’s Citi Bike and Chicago’s Divvy, filed for bankruptcy protection yesterday. It’s unclear exactly how the restructuring or sale of the company known as Bixi will play out, but the bankruptcy filing could accelerate the transition to more robust and reliable hardware and software. […]

The American Bike-Share Fleet Has Doubled Since January

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New Name for Alta Bicycle Share: “Motivate”

After new management took over in 2014, injecting capital and expertise that’s expected to turn around a sputtering operation, the company formerly known as Alta Bicycle Share has adopted a new name: Motivate. (A verb! Very active transportation-y.) Motivate operates bike-share systems in New York, DC, Boston, Chicago, San Francisco, and Seattle, making it the […]