WiggleCRC confirms acquisition of retail specialist Bike24 in Germany
WiggleCRC, the leading online retailer of cycling, running, swimming and triathlon products and accessories, has today confirmed the acquisition of Bike24. Bike24 is a leading German e-commerce retailer of cycling and tri-sports equipment, accessories and apparel, which also operates in the markets of Austria and Switzerland.
WiggleCRC notes that Bike24 is a fast growing and profitable business, operating in Europe’s largest cycle market, with reported revenues in 2016 of €84.5m. The business focuses on the cycling enthusiast, offering an extensive range of leading brands.
WiggleCRC adds that the combination of WiggleCRC and Bike24 will create a stronger pan-European Group, with increased scale and strengthened local sourcing and distribution networks. Additionally, Bike24’s relationships with leading brands should benefit the WiggleCRC business through an acceleration in its own product and range expansion. Customer overlap with the existing WiggleCRC business is seen to be minimal.
Bike24 and the Bike24 brand will continue to operate as a separate business, within the WiggleCRC group.
Commenting on the acquisition Brian McBride, Chairman of WiggleCRC said “The acquisition of Bike24 is an important step in the group’s broader strategy of creating a global ecommerce champion in the growing cycling and tri-sports markets. The combined business will have pro forma revenues of circa £500m and a more diversified income stream, with international sales increasing from 52% of group currently, to circa 60%.”
Will Kernan, CEO of WiggleCRC, said “Bike24 is a leading German operator and a much admired and respected retailer. We are delighted to bring Bike24 within the WiggleCRC group. The Bike24 brand, team and customer proposition will remain and will be further supported by the WiggleCRC business. Customers across the group will benefit from a broader offering of leading brands, great service and compelling value.”
Andrés Martin-Birner, CEO of Bike24, said “I am hugely proud of all that our team has achieved in the last 15 years. In WiggleCRC we have found a partner who will add support to our ambitious growth plans and protect the brand and the culture of Bike24. We will share knowledge, our passion for cycling and tri-sports and together we will approach the future with confidence.”
WiggleCRC is owned by private equity firm Bridgepoint. The combined group has 2.2m active customers around the world and despatches 95,000 orders every week via its 15 domains. The business delivers to over 70 countries worldwide with more than 50% of its sales being outside the UK.