Encore Capital invests in probikekit.com
Encore Capital has invested an undisclosed amount in online retailer of bicycle accessories Bike Kit Ltd, trading as probikekit.com (PBK).
The private equity firm has invested £5-15m for an 80% stake. The PBK management team holds the balance.
Encore approached the business directly having tracked its progress over the last 18 months. The all-equity investment will help PBK strengthen the management team, increase its international market presence and support the opening of showcase stores.
Company
Established in 1998 and based in Cumbria, PBK is an online bicycle accessories, parts and clothing retailer selling to more than 80 countries. The company employs more than 50 members of staff and predicts sales of £20m in 2012.
People
Encore has appointed Steve Robinson, former CEO of online clothing retailer M and M Direct and supermarket Tesco Direct, as chairman of the PBK board. Encore partners Khilan Dodhia, Ed Shah and Dimitri Tzililis worked on the transaction.
Advisers
Equity – Gordons, Jude Barter (Legal).
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