In November it was reported that Bridgepoint, Advent International and EQT were making offers for Wiggle for up to £200m.
Portsmouth-based Wiggle was founded in 1999 and received intestment from ISIS Equity Partners in 2006. The UK cycling market was worth £1.4bn in 2010 and has grown rapidly in the last five years; international markets were estimated to be worth over £25bn in 2010.
Wiggle has seen sales and EBITDA growth in the last three years of 50 per cent per annum, the company said. Wiggle’s management, led by Andy Bond and Humphrey Cobbold, will remain with the business and will invest in the company as part of the deal.
Cobbold said, “Bridgepoint is highly experienced and successful in investing in growing retail and consumer businesses, and has an extensive international network which matches Wiggle’s international strategy and growth aspirations, and will be a significant benefit to continuing the strong growth.”
Bridgepoint partner Vince Gwilliam added, “Wiggle is benefitting from strong structural market drivers such as the shift to online retailing combined with the trend towards fitness and health living and the increasing popularity of cycling as a pastime. In addition, it has had a strong track record of profitable organic growth.”
Senior debt for the transaction was provided by HSBC and Investec.
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