True Capital completes the Acquisition of Ribble Cycles
Sunday 22 November, 2015
True Capital, the retail and consumer sector specialist investor, today announces the acquisition of Cyclesport North Ltd, owner of the market leading Ribble Cycles brand and an international e-commerce retailer of bikes, components and accessories from the Dove family, who retain a significant stake in the business.
Ribble Cycles website serves over 75,000 customers a year, offers a range of more than 13,000 SKUs with a customer proposition renowned for exceptional value. Ribble has a rich sporting history in a structurally growing market with its offer centred on its world class and consistently award-winning Ribble brand. Favourable market conditions are driven by the growing participation of cycling, the Government’s commitment to improving the sports infrastructure, significant structural changes in consumers’ health-related activities and a market that remains one of the few unconsolidated niches in retail.
True Capital will be working alongside the existing ambitious management team to further grow the business organically and via selected acquisitions. True Capital’s founders, Matt Truman and Paul Cocker, will both join the board post completion.
Paul Cocker commented: “We have been tracking Ribble Cycles for some time and are delighted to be able to join forces with the Dove family. The structural growth of cycling, the changing consumer attitudes to their health and wellbeing and the fragmented nature of the market look attractive drivers for one of the world’s leading heritage cycling brands to significantly accelerate its presence and market share both in the UK and internationally.”
Terry Dove commented, “I am exceptionally proud of what we have built as a family and whilst I am sad to be leaving the business I am delighted that my son, James, will continue to play an integral role going forward. It was important to me that, having been involved with Ribble for over 30 years, we could find the right partner to take the brand forward and in True Capital I am confident we have found one.”
James Dove, Managing Director, commented, “True Capital shares our vision for the next stage of Ribble’s growth and their sector specialist knowledge and understanding of the market coupled with the appreciation of our culture make them the right partner for the future development of the business. We look forward to expanding our offering, accelerating our growth and continuing to deliver exceptional customer service to our global audience.”
True Capital were advised by Jones Day led by Pat Stafford, and PWC led by Joel Smith and Nick Cook. The Dove family were advised by Napthens, led by Richard Robinson, and Moore and Smalley, led by Tony Medcalf.
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Matt Truman, CEO
+44 (0) 777 903 1967
Kate Catchpole, PR & Communications
+44 (0) 780 303 3431
About True Capital
True Capital (www.truecapital.co.uk) is a retail and consumer sector specialist investment firm, focused on the small to mid-market. Founded in 2013, True Capital invests in both growth and buyout situations. As a result of its sector specialist approach and its proprietarily owned retail and consumer start-up accelerator, TrueStart (www.truestart.co.uk), True Capital has developed a unique ecosystem which positions the firm to add value to portfolio companies throughout the capitalisation spectrum. True Capital is led by CEO Matt Truman, former head of retail at JP Morgan and co-founder Paul Cocker.