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Alta Bicycle Share, the company that manages bike-sharing programs in New York, Washington, Chicago, San Francisco and other cities, has been sold to an investment group that includes executives in fitness club operator Equinox and real estate firm Related Companies. The new owners say they'll expand the service in New York, where customers now take more than 1 million trips a month on Citi Bike.

The sales price wasn't disclosed, but the new investment group, Bikeshare Holdings LLC, says that the deal between New York City officials, Alta, and program sponsor Citi will bring more than $100 million in cash and sponsorship funds.

Announcing the deal today, the company said it would also raise the annual fee by $50 for its New York customers, from the current price of $95.

It's not yet clear whether bike-share customers outside of New York should expect to see similar price hikes. Annual costs for the service vary; in Washington, D.C., for instance, the annual rate is $75.


Alta has struggled both to expand its offerings and to cope with problems in its "supply chain, software system, and operations," as 

 reports. The Canadian company that has been a key bike-share supplier, the Public Bike System Co., filed for bankruptcy earlier this year, citing nearly $50 million in debt, as 

As part of the deal, Alta, currently based in Portland, will move its headquarters to New York City. It will also get a new CEO, Jay Walder, a transportation veteran whose previous posts include leading the city's Metropolitan Transportation Authority.

"Riders on Alta-operated bikes have taken more than 28 million trips and traveled more than 45 million miles to date," the new company says.

Here's a list of the bike-share programs Alta currently manages:

 Bay Area Bike Share (San Francisco Bay Area) 

 Capital Bike Share (Washington, D.C., area)

Business and Economic News

The new owners say they'll expand the service in New York, where customers now take more than 1 million trips a month on Citi Bike.

Bike-share service Alta's sale may mean expansion and higher rates

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