Active Private Equity, advised by BPE solicitors, has bought a majority stake in Evans Cycles, the independent chain of UK specialist cycling stores. The deal, for an undisclosed sum, will see members of the management team retain their roles and keep a minority holding in the retailer.
This latest acquisition marks another major step in Actives’ growing portfolio of consumer and leisure businesses, including food businesses Leon and Deliverance.
The deal, which took 3 months to complete, involved Paul Wakefield leading a team of legal specialists including Assistant Lydia Michaelson-Yeates (corporate), Adele McDermott (property) and Iain Garfield (commercial).
“Active is an investment vehicle of Gavyn Davies (former economic policy advisor to the prime minister and partner with Goldman Sachs) who has surrounded himself with some very talented individuals. It was a pleasure working with them as they continually sought out innovative solutions to every problem that the deal process threw up” said Paul, who has completed more than 20 major corporate deals in the past 12 months with the support of colleagues in BPE’s eight-strong corporate team.
Nick Evans, who led the transaction on behalf of Active, will take up the post of executive chairman, having previously held positions at Shoe City, Cotswold Outdoor, Mappin & Webb and Watches of Switzerland, where he was chief executive.
He said the Evans business had a strong presence in an exciting market.
Mr Evans added: "The multi channel brand is well established and the sales teams provide industry leading range, knowledge and service. We are looking forward to further developing the company and its profitability with the current management and shareholders."
Evans, which has 31 outlets, dates back to 1921 when FW Evans opened a store in Kennington, London. Mr Evans' widow sold the shop in 1950 to Joe Smith, who in turn gifted the business to his son Gary in 1974.
He is currently non-executive director, with his son Mark now part of the team running the Crawley-based firm.
The company, which has doubled turnover in the last three years to £45 million, has been looking for backers in order to support growth online and on the high street. It has been the subject of speculation about potential deals with Sports World owner Mike Ashley and Halfords, before the deal with private equity firm Active.
Evans Cycles is the largest seller of brands Specialized and Trek in the UK and has a 36,000-strong customer database. It has also introduced its own bike brand Pinnacle, designed for UK riding conditions.
Paul Wakefield is a partner within BPE's 8-strong Corporate team. Contact him on 0121 200 0669 or email paul.wakefield@bpe.co.uk
This latest acquisition marks another major step in Actives’ growing portfolio of consumer and leisure businesses, including food businesses Leon and Deliverance.
The deal, which took 3 months to complete, involved Paul Wakefield leading a team of legal specialists including Assistant Lydia Michaelson-Yeates (corporate), Adele McDermott (property) and Iain Garfield (commercial).
“Active is an investment vehicle of Gavyn Davies (former economic policy advisor to the prime minister and partner with Goldman Sachs) who has surrounded himself with some very talented individuals. It was a pleasure working with them as they continually sought out innovative solutions to every problem that the deal process threw up” said Paul, who has completed more than 20 major corporate deals in the past 12 months with the support of colleagues in BPE’s eight-strong corporate team.
Nick Evans, who led the transaction on behalf of Active, will take up the post of executive chairman, having previously held positions at Shoe City, Cotswold Outdoor, Mappin & Webb and Watches of Switzerland, where he was chief executive.
He said the Evans business had a strong presence in an exciting market.
Mr Evans added: "The multi channel brand is well established and the sales teams provide industry leading range, knowledge and service. We are looking forward to further developing the company and its profitability with the current management and shareholders."
Evans, which has 31 outlets, dates back to 1921 when FW Evans opened a store in Kennington, London. Mr Evans' widow sold the shop in 1950 to Joe Smith, who in turn gifted the business to his son Gary in 1974.
He is currently non-executive director, with his son Mark now part of the team running the Crawley-based firm.
The company, which has doubled turnover in the last three years to £45 million, has been looking for backers in order to support growth online and on the high street. It has been the subject of speculation about potential deals with Sports World owner Mike Ashley and Halfords, before the deal with private equity firm Active.
Evans Cycles is the largest seller of brands Specialized and Trek in the UK and has a 36,000-strong customer database. It has also introduced its own bike brand Pinnacle, designed for UK riding conditions.
Paul Wakefield is a partner within BPE's 8-strong Corporate team. Contact him on 0121 200 0669 or email paul.wakefield@bpe.co.uk
