Founded in 1897, Ribble employs 50 people and serves more than 75,000 customers a year.
True Capital co-founder Paul Cocker, said:
"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."
Cyclesport North Ltd is owned by the Dove family. Terry Dove said that while he was sad to be leaving the business, he was delighted that his son, James, would continue to play an integral role at the firm. "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, said:
"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."