Wiggle Ltd. said it expects to complete its acquisition of rival Chain Reaction Cycles Retailer Ltd. “shortly,” following clearance by the United Kingdom’s anti-trust regulators June 30.
The U.K.’s Competition and Markets Authority launched its inquiry of the proposed merger May 4 after Wiggle parent, Mapil Bidco Ltd., announced its offer to acquire Chain Reaction Cycles Ltd, Decade Europe Ltd. and Hotlines Europe Ltd.
“Wiggle and Chain Reaction Cycles will create an even more compelling customer proposition, retaining the brands and websites of each business, while seeking to extend its product range, over a stronger, well invested platform and infrastructure,” Wiggle said in a statement released June 30. “Together the combined business, which will have revenues in excess of £300 million will be better placed to compete in the growing global online market for cycling, running, swimming and tri-sports products and accessories.”
The corporate name of the newly formed group company will be called WiggleCRC and will be chaired by Brian McBride and managed by Stefan Barden, as Chief Executive Officer. Chris Watson, currently Managing Director of Chain Reaction Cycles, will sit on the board and will be a significant shareholder.
Stefan Barden, Chief Executive Officer of Wiggle and Chris Watson, Managing Director of Chain Reaction Cycles, said:
“Together, Wiggle and Chain Reaction Cycles’ first class team of sports enthusiasts and strong heritage and expertise in cycling, running, swimming and tri-sports, will form the foundations for building a global champion.”
Wiggle, which is Based in Portsmouth, England, is controlled by the European private equity firm Bridgepoint, which paid £180 million for the business in 2011.
