ISIS Wiggle It

ISIS Equity Partners has led a £12.25 million refinancing of Wiggle Limited, the on-line retailer of accessories for the outdoor pursuits market.

Wiggle was founded in 1999, originally retailing bicycle accessories and clothing to cycling enthusiasts. Whilst maintaining healthy profit margins, turnover has grown from £2.7 million to £11.8 million in the last three years on the back of consumer recognition, cycling range enhancement and expansion into running, hiking and water and snow sports. Wiggle aims to meet the needs of the serious sportsman, stocking more than 32,000 items and supplying 136,000 customers in 2005. It is the leading cycle supply e-tailer and aims to offer pricing and service which is superior to its retail competitors. Most products are shipped within 24 hours of order.

ISIS was introduced to the Wiggle directors by the founders of Fat Face, the active lifestyle retailer that ISIS backed in a similar refinancing in 2000. ISIS investors subscribed £7.25 million for a 42 per cent stake in Wiggle alongside bank facilities arranged by HSBC. The Wiggle founders retain a majority stake in the business and will continue to manage the company. Mark Advani and Adam Holloway join the board on behalf of ISIS, who have also introduced David Cox, the former chief executive of Screw Fix, as chairman and Andreas Panteli as finance director.

Mark Advani, who led the transaction on behalf of ISIS alongside Simon Ward, said: "Wiggle has become the category killer of cycling e-tail and has generated further momentum by extending its reach into other outdoor sports. It provides industry leading price and service. We are very excited about helping the team to grow in cycling and other sports in both the UK and continental Europe".

Wiggle managing director, Mitch Dall, added: "Choice, value and legendary customer service has catapulted Wiggle to market leader in six years. With ISIS on board, we are expertly placed to achieve further growth and are pleased that we have a long term financial structure which will ensure a future smooth ride."

Published: 17 July, 2006