Preston-based cycle business backed by investment experts

By Dean

24 Nov 2015

True Capital, the retail and consumer sector specialist investment house, has announced the buyout of Cyclesport North Limited, 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 has a rich sporting history in a structurally growing market, 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.

James Dove, managing director of Ribble Cycles, said: “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 will be working alongside the existing ambitious management team to further grow the business organically and via selected acquisitions.

The investment was led by True Capital co-founders Matt Truman and Paul Cocker who will both join the board post completion. The Dove family were advised by Napthens, led by Richard Robinson and Moore and Smalley, led by Tony Medcalf. True Capital were advised by Jones Day, led by Pat Stafford and PWC led by Joel Smith and Nick Cook.

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