True Capital successfully closes its 2015 buyout fund and makes first acquisition

Sunday 22 November, 2015

True Capital, the retail and consumer sector specialist investor, today announces the close of its 2015 buyout and growth fund which will make equity investments in the small to mid-market of around £25m in UK headquartered businesses with a strategically differentiated approach.

True Capital’s investment strategy is to provide up to £40m of equity to proven profitable businesses in growth markets with a differentiated, unique and disruptive offer, in transactions valued up to £75m.

The fund includes investment from a high quality group of LPs, led by Adveq, a leading European fund of fund and including corporate and state pension funds from the UK, endowment funds from the US and retail sector family offices.

Concurrently, True Capital is delighted to confirm 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. 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.”

At the same time, Sir Ian Cheshire, the former CEO of Kingfisher (2007-2014), current Senior Independent Director of Whitbread and Government Lead Non Executive and Non-Executive member of the Cabinet Office Board and Terry Duddy, former CEO of Home Retail Group (2006-2014) and current senior Non-Executive board director at Debenhams and Hammerson will join True Capital’s advisory board.

Matt Truman, CEO of True Capital commented, “We are delighted to welcome Sir Ian Cheshire and Terry Duddy to our advisory board and look forward to working with them and their input as our firm’s proposition continues to build. In addition, the excellent investor response to our differentiated, sector specialist approach reflects the strong progress we have made as a firm in the last two years. Our aim is to build on this early success and remain focused in the UK small midmarket, where there is significant opportunity for outperformance in the retail and consumer sector”.

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Contact details

Matt Truman, CEO
+44 (0) 777 903 1967

Kate Catchpole, PR & Communications
+44 (0) 780 303 3431

About True Capital

True Capital ( 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 (, 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.