Following the merger of Wiggle and Chain Reaction Cycles in 2016, WiggleCRC has now announced that it has acquired leading German rival Bike24 in a deal reported to be worth £100 million.
The move will see WiggleCRC expand further into mainland Europe, with Bike24 reporting revenues of €84.5 million (£75 million) in 2016, with its market predominantly in Germany, Austria, and Switzerland.
As was the case when Wiggle acquired Chain Reaction Cycles last year, Bike24 will remain as a separate brand, most likely sharing distribution networks.
“Bike24 is a leading German operator and a much admired and respected retailer,” Wiggle CRC CEO Will Kernan said in a statement. “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.”
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Bike24 CEO Andrés Martin-Birner said that he was looking forward to continuing to grow the brand with the support of WiggleCRC.
“I am hugely proud of all that our team has achieved in the last 15 years,” Martin-Birner said.
“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.