Active Private Equity, owners of Evans Cycles, has agreed the sale of the retail chain to London-based private equity firm ECI Partners
ECI Partners has agreed to buy Evans Cycles from Active Private Equity as the retailer looks to move to its next phase of growth.
The deal sees ECI agreeing to purchase a significant majority stake in Evans, with the remainder held by management, although details of the sale were undisclosed.
Active acquired Evans in 2008 and has transformed it into one of the UK’s leading cycle retail brand, with 56 shops nationwide. Sales since the acquisition reportedly grew more than 300 per cent.
Evans reports that its existing management team, headed by CEO Nick Wilkinson, will continue to lead the business and Wilkinson says the announcement marks a new phase of the business.
“As a brand, we work hard to enhance our customer’s enjoyment of cycling – from expert advice and ongoing support to organising rides and events,” he said.
“Today’s announcement marks the start to an exciting new phase in our journey. It will enable us to deliver our brand promise in new ways and to more people.”
George Moss, partner at ECI added: “Evans Cycles is a leading multi-channel retailer focused on the attractive and growing cycling market.
“As consumers look to lead increasingly healthy lifestyles and their shopping habits become ever more sophisticated, we believe Evans is well placed for further growth.”