WiggleCRC makes £100m move on German rival Bike24
WiggleCRC backer Bridgepoint is closing in on a deal to acquire German online retailer Bike24, reports The Sunday Times. The private equity firm is expected to pay £100m to acquire the €85m Bike24, which would cement Wiggle CRC's position as the world's leading online cycle retailers.
Bike24 also operates in Austria and Switzerland.
WiggleCRC had a turnover of £283m last year, but thanks to costs associated with the absorption of Chain Reaction Cycles made profits of only £7m.
A statement from WiggleCRC said: "The combination of WiggleCRC and Bike24 will create a stronger pan-European Group, with increased scale and strengthened local sourcing and distribution networks."
Bike24 and the Bike24 brand will continue to operate as a separate business, within the WiggleCRC group.
Read more: https://www.bikebiz.com/news/read/wigglecrc-in-100m-move-on-german-rival-bike24/022053
WiggleCRC steers towards £100m takeover of German rival Bike24
WiggleCRC confirms it has bought German e-commerce site Bike24
WiggleCRC backer Bridgepoint is closing in on a deal to acquire German online retailer Bike24, reports The Sunday Times. The private equity firm is expected to pay £100m to acquire the €85m Bike24, which would cement Wiggle CRC's position as the world's leading online cycle retailers.
Bike24 also operates in Austria and Switzerland.
WiggleCRC had a turnover of £283m last year, but thanks to costs associated with the absorption of Chain Reaction Cycles made profits of only £7m.
A statement from WiggleCRC said: "The combination of WiggleCRC and Bike24 will create a stronger pan-European Group, with increased scale and strengthened local sourcing and distribution networks."
Bike24 and the Bike24 brand will continue to operate as a separate business, within the WiggleCRC group.
Read more: https://www.bikebiz.com/news/read/wigglecrc-in-100m-move-on-german-rival-bike24/022053
WiggleCRC steers towards £100m takeover of German rival Bike24
WiggleCRC confirms it has bought German e-commerce site Bike24