UK-based WiggleCRC, one of the world’s leading online bicycle retailers, is to be acquired by German online retailer Signa Sports United in a deal that will be completed via the latter’s forthcoming IPO on the New York Stock Exchange (NYSE), it has been confirmed.
Based in Berlin, Signa Sports United – not to be confused with the UK-based retailer Sigma Sports – owns ecommerce brands including, in cycling, Fahrrad.de, Bikester and Probikeshop, as well as others specialising in outdoor gear, tennis and team sports.
It is owned by Austrian property billionaire Rene Benko, and is securing its NYSE listing by merging into a publicly quoted special purpose acquisition company, Yucaipa Acquisition Corporation, with the combined group also acquiring WiggleCRC. It says it expects shares to begin trading in around three months’ time.
According to Signa Sports United, which is run by a former managing director of eBay in Germany, the combined group is valued at $3.2 billion and will have pro forma net revenue (including WiggleCRC) of $1.6 billion, and adjusted earnings before interest, tax, depreciation and amortisation of $70 million.
WiggleCRC’s current owner, the private equity firm Bridgepoint, will be taking a stake in the new group as part of the deal, which Signa Sports United says will create “the world’s largest pure-play sports e-commerce and technology platform company, serving over 7 million active retail customers, 1,000+ brand partners, 500+ connected retail stores, and more than 15 million sports community users globally.”
Stephan Zoll, CEO of Signa Sports United, said: “We're proud and excited by this next chapter in SSU’s growth story. Becoming a listed company allows us to continue capturing market share in Europe and to accelerate our U.S. and international expansion while scaling our platform solutions.
“We also look forward to welcoming WiggleCRC to our SSU family. The acquisition enhances our global online leadership especially in the bike category.
“Our focus on growth and internationalisation coupled with our platform approach drives significant scale benefits,” he added.
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