Cyclesport North Ltd, the Preston, UK-based owner of the Ribble Cycles brand and an international e-commerce retailer of bikes, components and accessories, received a private equity investment of undisclosed amount from True Capital.
True Capital acquired an equity stake from the Dove family, who will retain a significant shareholding in the business. In conjunction with the deal, True Capital’s founders, Matt Truman and Paul Cocker, will both join the board post completion.
They will be working alongside the existing management team to further grow the business organically and via selected acquisitions.
Led by James Dove, Managing Director, Cyclesport North operates the Ribble Cycles website, which offers a range of more than 13,000 SKUs (bicycles, clothing, parts and accessories) serving over 75,000 customers a year. The company employs over 50 people with sales of over £20m per year.