ISIS in £180m Wiggle sell-off
The Birmingham office of ISIS Equity Partners has sold online cycling retailer Wiggle to Bridgepoint in a £180m deal.
European private equity firm Bridgepoint bought the Portsmouth company in a bid to boost growth over the coming years.
Wiggle was founded in 1999, specialising in the sale of cycling accessories. ISIS invested in the business in 2006, growing the company to its current peak of one million online visitors each week.
Wiggle's management, led by Andy Bond and Humphrey Cobbold, will remain with the business and make significant personal investment in the business as part of the deal, ISIS said.
Cobbold said: "We are delighted to have a new partner and owner in Bridgepoint, and would like to thank ISIS for being a fantastic supporter of Wiggle, its 200 colleagues, suppliers and brands over the past five years. Their investment and involvement has transformed Wiggle into a truly global retail business with best in class execution."
Mark Advani, partner at ISIS, added: "Our journey with Wiggle has seen turnover and profits grow ten fold whilst delivering significant improvements in the customer proposition.
"The world feels quite small in the Wiggle boardroom with discussions ranging from Austria to Australia and Beijing to Barcelona. We have very much enjoyed our relationship with the business and wish the management and Bridgepoint every success in building further success."
ISIS was advised by Eversheds and Rothschild in Birmingham on the sale.
Graham Young and Sharon Hill, who led the deal for HSBC, said: "Wiggle is an exceptional success story and a business that we have worked with closely since supporting the buy out by ISIS in 2006.
"Significant first mover advantage, a focus on the enthusiast market with high customer retention, the continued channel shift to online and its geographically diverse revenues make Wiggle an attractive funding proposition.
"We are delighted to support Bridgepoint in their acquisition and to continue to build and grow the business alongside the management team."
