RCP sells Zoggs to Head

Zoggs was a Risk Capital Partners II portfolio company; the vehicle held a final close in 2009 on £75m. The consumer-focused GP is said to be attempting to mitigate the effects of the coronavirus crisis on its portfolio, according to a report by Sky News.

Based in the Netherlands, Head produces and distributes sports equipment such as ski, tennis and diving equipment.

RCP could not be reached for comment at the time of publication.

Previous funding
In 2015, RCP acquired a majority stake in Zoggs via a management buyout. The GP stated its growth strategy for the company would target the Asian and Middle-Eastern markets, which are experiencing an increased uptake of swimming as a leisure activity. HSBC provided a debt package to support the deal.

Company
Based in Camberley, Zoggs was founded in 1992 and is a swimming products brand. In the year ending on 31 March 2019, the company reported revenues of £25.6m and an operating loss of £1.5m. EBITDA as reported to senior management was a profit of £519,000 before one off costs of £1m, according to its annual report.

People
Risk Capital Partners – Luke Johnson (founder).

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• Topics
• Exits
• UK / Ireland
• Consumer
• Risk Capital Partners
• United Kingdom
• Trade sale