Causeway Capital, a Dublin, Ireland-based private-equity firm, has acquired UK-based bike maker Whyte Bikes from Cairngorm Capital. Nikki Hawyes remains CEO.
Terms of the deal were not disclosed.
Causeway Capital and Whyte Bikes said the collaboration will “enhance the brand’s innovation, dealer network and key suppliers.” With Causeway Capital’s support, Whyte Bikes plans to extend its reach beyond the UK into continental Europe and globally.
The deal comes after Causeway Capital recently closed its second fund, Causeway Capital Partners II, with a focus on small- and medium-sized enterprises with sustainable growth plans.
Causeway invests in businesses across Ireland and the UK.
“We knew from the start that the Causeway Capital team was a great investment partner for Whyte Bikes,” said Hawyes. “This new partnership is an exciting step forward, building on our 25-year history of producing high-quality bikes. We will enhance our product offerings, expand our global footprint, and invest in our brand. This will allow us to create even better experiences for our partners and riders worldwide. I want to thank the team at Cairngorm Capital – their partnership and support have been invaluable in driving our transformation and bringing us to where we are today.”
Matt Scaife, partner at Causeway Capital, said: “Whyte is a category-leading British brand built on design, engineering and innovation. Wellness and outdoor recreation show strong long-term growth. The performance mountain bike market is accelerating, driven by technology innovation and increasing participation amongst younger riders. We are delighted to use the first investment from Causeway Capital Partners II LP to back Nikki and the Whyte team.”
Image courtesy Whyte Bikes
