The main sponsor behind Team Sunweb has been taken over by an investment firm.
Sunweb Group, a Dutch-Swiss holiday business, has been bought by a Scandinavian German ‘venture investment’ brand, Triton.
The sponsor took over as the team’s main backer in 2016, replacing bike company Giant and shampoo brand Alpecin.
The owner and founder of Sunweb, Joost Romeijn said the sale was necessary to invest in online and automated aspects of the business.
He added that the entire Netherlands staff would remain.
Team Sunweb spokesperson Peter Reef told cycling news site Wielerflits that the sale was good news for the team.
He said: “The large Swedish investor Triton has taken a large share in the Sunweb Group.
“This enables Sunweb to accelerate their growth plans.
“They retain their vision, management and business plan.
“This is also good new for the team because the long-term marketing strategy with Team Sunweb as a main pillar remains unchanged.”
Team Sky recently underwent similar upheaval with their parent company.
British broadcaster Sky was bought by American communications giant Comcast.
While team insiders initially said it was “business a usual,” it has since been revealed that Sky will be axing their cycling sponsorship at the end of 2019.
Team principal Sir Dave Brailsford has said he “can’t give any guarantees” but sees opportunities for the British WorldTour outfit.
Sky Group chief executive Jeremy Darroch said: “We came into cycling with the aim of using the elite success to inspire greater participation at all levels.
“After more than a decade of involvement, I couldn’t be prouder of what we’ve achieved with Team Sky and our long-standing partners at British Cycling.
“But the end of 2019 is the right time for us to move on as we open a new chapter in Sky’s story and turn our focus to different initiatives including our Sky Ocean Rescue campaign.”