Advertisement

Sign up for our newsletter

Advertisement

Wiggle-CRC bought by German retailer Signa Sports United

Will Strickson
11 Jun 2021

Deal comes as Signa, the world's biggest online sporting goods retailer, agrees to list on the New York Stock Exchange, raising $645m

Wiggle-CRC has been bought by Signa Sports United as the German retailer raised $645m after agreeing to list on the New York Stock Exchange.

Reuters reported that Signa, the world's biggest online sporting goods retailer, merged with a blank cheque company to join the stock market in a deal valued at US$3.2 billion.

Wiggle's previous owner Bridgepoint, a private equity firm, becomes an invester in Signa as part of the deal.

The money to purchase Wiggle came via $345m from Yucaipa Acquisition, a special-purpose acquisition company (SPAC), and $300m from investors through private investment in public equity (PIPE).

Adding the British company to its repertoire, that includes Bikester, makes Signa approximately four times bigger than Bike24, its nearest competitor in the sub-sector.

It marks another big step in Wiggle's history, having began life over 70 years ago as the Butler Cycles bike shop in Portsmouth.

It became 'Wiggle' in 1999 and grew into one of the UK's largest online sports retailer, expanding its offering to include running, swimming, outdoors and gym kit. It was bought by Bridgepoint, middle market investment specialist, in 2011.

Wiggle merged with Chain Reaction Cycles in 2016 to form the Wiggle-CRC group while the brands and websites remained separate.

Read more about: