RCP acquires majority stake in Zoggs

The GP stated its growth strategy for Zoggs will target the Asian and Middle Eastern markets, which are experiencing an increased uptake of swimming as a leisure activity.

In recent years the brand has developed a UK distribution network comprising high-street retailers and leisure centres, in addition to its own online platform.

HSBC provided a debt package to support the deal.

RCP is still investing from its maiden vehicle Risk Capital Partners II, which held a final close in 2009 on £75m.  

Despite not previously having invested in the sporting goods sector, the GP has previously invested in the UK retail market. In 2006 it backed womenswear brand East, which it sold to Indian trade buyer Fabindia for an undisclosed sum in October 2011. 

Company
Founded in 1992 in Sydney, swimming products brand Zoggs has since moved its headquarters to Lightwater, Surrey. The business’s products include swimwear, goggles and buoyancy aids. It generates a turnover of £26m.

People
Luke Johnson is chairperson of RCP. Mark Hammersley is managing director of Zoggs.

Advisers
Equity – PwC (Financial due diligence); Armstrong (Commercial due diligence); CMS Cameron McKenna (Legal).  
Vendor – McQueen (Corporate finance).

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• Topics
• Buyouts
• UK / Ireland
• Consumer
• United Kingdom
• Risk Capital Partners