International law firm Eversheds has advised Isis Equity Partners and management on the sale and secondary buy out of Wiggle, the online cycling and tri-sports retailer, to Bridgepoint Capital for GBP180m.
Wiggle was founded in 1999 initially to sell cycling accessories but by 2003 had expanded its offer to include running and swimming goods. ISIS invested in the business in 2006, and has supported and helped to build it. Today it’s the UK’s leading online retailer for enthusiastic road cyclists and triathletes, and truly global in its offering. It has over 1 million shopper visits a week to its online stores and over 600,000 customers shopped with Wiggle in the last 12 months.
The Eversheds team was led by partners Keri Rees and Stephen Kitts supported by senior associate Steve Hacking, associate Louise Fleming and solicitor Anthony Cross.
"This is exactly the sort of high quality and strategic work that Eversheds thrives on,” says Rees. “We work hard at relationships and are delighted to have worked with Isis on this very important deal. Wiggle is a great success story: it has exciting plans for the future and I am sure will continue to prosper with Bridgepoint in the saddle."
Isis partner Mark Advan, says: “This has been a tremendous deal for ISIS and we are delighted to have supported such a successful business and helped build it to what it is today.”
Wiggle CEO Humphrey Cobbold, adds: “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.”
