True Capital acquires Ribble Cycles

Alice Murray
23 November 2015

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True Capital, the retail- and consumer-focused investor, has acquired Ribble Cycles from the Dove family.

The deal saw True Capital purchase Cyclesport North, the owner of the Ribble Cycles brand, from the Dove family, who have retained a significant stake in the business.

Following the transaction, True Capital will work with the company's management to grow the business organically and through selected acquisitions.

Company
Cyclesport North is the owner of Ribble Cycles, an international online retailer of bikes, components and accessories. The Ribble Cycles website services 75,000 customers each year.

The Preston-based business was founded in 1897 and has been owned by the Dove family for the last 36 years. The company employs 50 people and generates sales of £20m per year.

People
True Capital founders Matt Truman and Paul Cocker have taken seats on the company's board as part of the deal. Terry Dove is the former managing director of Ribble, who has now been replaced by his son James Dove.

Advisers
Equity – Jones Day, Pat Stafford (Legal); PwC, Joel Smith, Nick Cook (Financial due diligence).
Vendor – Napthens, Richard Robinson (Legal); Moore and Smalley, Tony Metcalf (Financial due diligence).