WiggleCRC has confirmed that it has bought the German online cycling retailer, Bike24.
As we reported yesterday, news of the deal was broken by The Sunday Times, which put a price tag of £100 million-plus on the transaction.
According to WiggleCRC, former by the merger last July of Wiggle with Chain Reaction Cycles, there is “minimal overlap” between its customers and those of Bike24,
It added that Bike24 would continue to trade as a separate business within the group.
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.”
Wiggle CRC’s latest accounts, filed last month, revealed that the group now derives most of its turnover from outside the UK.
International sales will be further boosted by its acquisition of Bike24, which trades principally in Germany, Austria and Switzerland and has annual turnover of almost €85 million (£76 million).
McBride added: “The combined business will have pro forma revenues of circa £500 million and a more diversified income stream, with international sales increasing from 52 per cent of group currently, to circa 60 per cent.”
WiggleCRC CEO Will Kernan 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,” he added.
Bike24’s CEO, Andrés Martin-Birner, commented: “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.”
Born in Scotland, Simon moved to London aged seven and now lives in the Oxfordshire Cotswolds with his miniature schnauzer, Elodie. He fell in love with cycling one Saturday morning in 1994 while living in Italy when Milan-San Remo went past his front door. A daily cycle commuter in London back before riding to work started to boom, he's been news editor at road.cc since 2009. Handily for work, he speaks French and Italian. He doesn't get to ride his Colnago as often as he'd like, and freely admits he's much more adept at cooking than fettling with bikes.