Evans Cycles, the UK’s largest specialist cycling retailer is being sold by Active Private Equity to ECI Partners, the three companies announced May 1. On completion, ECI will hold a significant majority stake in Evans with the remainder held by management. Further details of the transaction are not disclosed.
Active acquired Evans Cycles in 2008 as a family-owned chain of bicycle shops based in the South East with annual revenues of circa £44 million, or about $68 million at current exchange rates. The business has since been transformed into the UK’s leading multi-channel cycle retail brand which serves customers nationally through 56 shops and a well-developed e-commerce platform. Over the duration of Active’s ownership, sales have grown more than 300 percent.
The Evans management team, headed by Nick Wilkinson, will continue to lead the business, in partnership with ECI. The combination of an integrated, nationwide store footprint and strong e-commerce capabilities makes Evans uniquely positioned to be the cycling retailer of choice as multi-channel shopping habits evolve.
ECI specializes in partnering with high-growth companies and has substantial experience of backing businesses in the online consumer space with other recent and current investments including Avantia, ATG Media, CarTrawler, Encore Tickets and Great Rail Journeys.
Evans will stick to its winning formula with a strategy of excellent customer service, investment in people and technology, and by working in on-going partnership with the very best global cycling brands.
“Evans has accelerated through the gears under Active's ownership during which period the business has been transformed,” said Nick Evans, Partner at Active Private Equity. “In the early years we established the necessary operational and technology platforms. We then hired experienced and ambitious management to lead the fabulous teams at Evans who have delivered sustainable and profitable growth in a fast-evolving marketplace. What is especially heartening is that Evans Cycles of today remains true to its independent bike store roots, run by cycling enthusiasts for cycling enthusiasts. We wish Nick, his team and our friends at Evans, the best for the business's next phase of growth.”
ECI Partner George Moss said Evans is well positioned to grow as consumers look to lead increasingly healthy lifestyles and their shopping habits become ever more sophisticated.
Evans Cycles has worked hard to enhance our customer’s enjoyment of cycling from expert advice and ongoing support to organizing rides and events, said Wilkinson.
“Today’s announcement marks the start to an exciting new phase in our journey,” Wilkinson said. “It will enable us to deliver our brand promise in new ways and to more people. Active has been a very supportive partner, and pivotal in getting Evans Cycles to where it is today; we are very much looking forward to working with ECI Partners.”
