Wiggle and Chain Reaction Cycles will be taken over by European sports giant Signa Sports United.
On Friday (June 11), news emerged that WiggleCRC, the group formed when online cycling retailers Wiggle and Chain Reaction merged back in 2017, would be taken over by Signa as the e-commerce and tech platform goes public.
Signa Sports United (SSU), estimated to be worth €3.2billion, is currently privately owned by Austrian investor Rene Benko but now be offering shares on the stockmarket through the initial public offering process (IPO).
As part of the IPO, Signa will use part of the proceeds to buy WiggleCRC from current owner Bridgepoint Advisors Limited, a British private equity investor.
The value of WiggleCRC has not yet been disclosed, but Bridgepoint will become an investor in SSU as part of the acquisition.
Stephen Zoll, CEO of Signa said: “We’re proud and excited by this next chapter in SSU’s growth story. Becoming a listed company allows us to continue capturing market share in Europe and to accelerate our US and international expansion while scaling our platform solutions.
“We also look forward to welcoming WiggleCRC to our SSU family. The acquisition enhances our global online leadership especially in the bike category. Our focus on growth and internationalisation coupled with our platform approach drives significant scale benefits.”
Signa is a sports e-commerce and tech platform with a focus on cycling, tennis, outdoor activities and team sports.
In 2016, Wiggle and Chain Reaction announced a merger between the two British online cycling retailers to form the WiggleCRC group, based in Portsmouth.
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In September last year, WiggleCRC announced a consultation period as it considered consolidating its warehouse in County Antrim, Northern Ireland with its site in Wolverhampton, with 62 jobs potentially at risk.
The group said the proposal was designed to reduce shipping times and improve its environmental impact.
