Tom and Steuart Walton, Walmart founder Sam Walton’s grandsons, have acquired a majority shareholder stake in cycling giant Rapha through their RZC Investments arm. The price tag of the acquisition is a whopping $260 million USD. Rapha founder Simon Mottram will stay on as chief executive.

“This is an exciting day for Rapha. It heralds the start of the next stage of our journey and is testament to the growth and potential that people see in Rapha and in cycling,” Mottram shares. “The arrival of RZC Investments as a shareholder means we can pursue our mission to elevate cycling as a global sport and recruit more participants by engaging them and enabling them to ride with us at all levels. Support from RZC Investments will allow us to further expand our active global community of cyclists, develop even better and more innovative products and services to enhance cyclists’ lives and inspire many more people to take up the world’s greatest sport.”

Steuart Walton released a statement about the acquisition stating:

“Rapha represents the very best in the world of cycling. Our investment demonstrates our enthusiasm for its quality products, amazing community of cyclists and customers and its strong future. Rapha’s strategic vision has set the company on a path of tremendous growth and opportunity. We’re excited to be part of this next chapter by bringing the best sport in the world to more people in more ways and places.”