Cycle parts, accessories and clothing distributors Zyro and Fisher Outdoor Leisure have combined via a simultaneous management buy-out and acquisition funded by LDC. The merger has created a business with sales of c.£70m which represents many market-leading brands across all cycling disciplines.
The enlarged business represents an attractive platform for international brand owners who will benefit from specialist advice on marketing and strategy in the UK as well as the ability to reach not just the national and online retailers but also the key independent bike dealers. As well as distributing leading brands across the road, mountain bike and commuter sectors, Zyro also owns Altura, a leading clothing, luggage and accessories brand.
The cycling sector has seen strong growth in recent years owing to increased participation following the success of British cyclists at the Olympics and Tour de France as well as increased awareness and safety.
The transaction marks an exit for Livingbridge who backed a buy-out of Fisher in 2006.
Ben Peacock, who led the deal for PPCF, commented “Given the attractive underlying dynamics of the UK cycling market, UK parts, accessories and clothing distribution has long been a private equity target. The opportunity to merge two prominent distributors with such complimentary brand portfolios was significant and we were delighted to work with LDC and the companies to deliver the transformational transaction.”