Chiks advises on Ribble Cycles deal
November 23, 2015
A team from Chiks has advised on a deal which has seen a major bike retailer secure significant new investment.
True Capital, the retail and consumer sector specialist investment house, has purchased Cyclesport North Limited, owner of the market leading Ribble Cycles brand and an international e-commerce retailer of bikes, components and accessories, from the Dove family, who retain a significant stake in the business.
Chiks advised the Dove family on the transaction. The team of advisers from Chiks was led by head of tax, Tony Medcalf, and supported by tax planning manager, Michelle Taylor, corporate partner and corporate finance manager, Ian Waddingham.
Walton Summit-based Ribble Cycles’ website serves over 75,000 customers a year and offers a range of more than 13,000 SKUs with a customer proposition renowned for exceptional value. Ribble has a rich sporting history in a structurally growing market with its offer centered on its world class and consistently award winning Ribble brand. Favourable market conditions are driven by the growing participation of cycling, the Government’s commitment to improving the sports infrastructure, significant structural changes in consumers’ health-related activities and a market that remains one of the few unconsolidated niches in retail.
True Capital will be working alongside the existing ambitious management team to further grow the business organically and via selected acquisitions.
Paul Cocker co-founder of True Capital commented: “We have been tracking Ribble Cycles for some time and are delighted to be able to join forces with the Dove family. The structural growth of cycling, the changing consumer attitudes to their health and wellbeing and the fragmented nature of the market look attractive drivers for one of the world’s leading heritage cycling brands to significantly accelerate its presence and market share both in the UK and internationally.”
Terry Dove commented, “I am exceptionally proud of what we have built as a family and whilst I am sad to be leaving the business I am delighted that my son, James, will continue to play an integral role going forward. It was important to me that, having been involved with Ribble for over 30 years, we could find the right partner to take the brand forward and in True Capital I am confident we have found one.”
James Dove, Managing Director, commented, “True Capital shares our vision for the next stage of Ribble’s growth and their sector specialist knowledge and understanding of the market coupled with the appreciation of our culture make them the right partner for the future development of the business. We look forward to expanding our offering, accelerating our growth and continuing to deliver exceptional customer service to our global audience.”
The investment was led by True Capital co-founders Matt Truman and Paul Cocker who will both join the board post completion.
The Dove family were also advised by Napthens, led by Richard Robinson.