Wiggle
Leading online sports retailer Wiggle, the cycle, clothing, parts and accessories specialist, shifted up a gear with an £11.5 million refinancing of the business in July 2006.
Established in 1999, www.wiggle.co.uk is the online destination of choice for cycle enthusiasts seeking accessories and clothing from the leading brands. Wiggle has since extended its reach to other sports categories, including running and swimming, which boosted turnover from £2.7 million to £11.8 million in a three-year period.
Clearwater worked closely with company founder Mitch Dall to formulate a strategy for the future of the business – then assisted in negotiations with equity investor ISIS and HSBC bank for an £11.5 million ‘cash-out’ deal. Through the imaginatively-structured transaction, Wiggle’s founders retained a controlling stake and have continued to manage the business.
Commenting on the deal, Dall said:
“Clearwater listened, was easy to talk to, understood what I wanted and delivered it – in short, they ticked all the boxes.”
Wiggle is now set to expand its offering further into new sports categories, both within the UK and across Europe. Dall has no regrets about taking the company forward using the private equity route: “This approach has been good for the company, good for the customers and good for me.”
Established in 1999, www.wiggle.co.uk is the online destination of choice for cycle enthusiasts seeking accessories and clothing from the leading brands. Wiggle has since extended its reach to other sports categories, including running and swimming, which boosted turnover from £2.7 million to £11.8 million in a three-year period.
Clearwater worked closely with company founder Mitch Dall to formulate a strategy for the future of the business – then assisted in negotiations with equity investor ISIS and HSBC bank for an £11.5 million ‘cash-out’ deal. Through the imaginatively-structured transaction, Wiggle’s founders retained a controlling stake and have continued to manage the business.
Commenting on the deal, Dall said:
“Clearwater listened, was easy to talk to, understood what I wanted and delivered it – in short, they ticked all the boxes.”
Wiggle is now set to expand its offering further into new sports categories, both within the UK and across Europe. Dall has no regrets about taking the company forward using the private equity route: “This approach has been good for the company, good for the customers and good for me.”
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