Saturday, March 6, 2021

Cycling equipment retailer sells stake to private equity provider

Private equity firm Primary Capital has made a significant investment in Sigma Sports, the omni-channel retailer of cycling equipment based in Oakham and London.

Sigma Sports was founded in 1992 by Ian Whittingham and Jason Turner, who will both remain with the company.

The business has grown rapidly in recent years and with Primary’s support will further expanding its online presence and open a limited number of carefully selected additional destination stores.

Alantra, the independent mid-market investment bank, advised the shareholders and management of Sigma Sports on the sale of the minority stake in the business to Primary Capital, with debt funding provided by HSBC.

Andy Currie, Managing Partner, Alantra, said: “Sigma Sports has established itself as a leading player in the cycling industry and is the go-to retailer for premium brands. The company prides itself on the quality of its products, the content it produces and creating a community for customers. The company has recently experienced rapid growth, and with Primary’s support, we look forward to seeing Sigma Sports continue this growth story.”

Richard Parker, HSBC UK Relationship Director East Midlands Corporate Banking, said: “Sigma Sports has been a longstanding client of HSBC UK’s for over a decade. The company has seen substantial growth so far in 2021 with an increased focus on product development and expanding its physical footprint across the Midlands as demand for its products grows. We were pleased to support Sigma Sports with a share sale of its business to Primary Capital and wish the team the best of luck as they embark on this new chapter. HSBC UK is committed to championing businesses in the Midlands.”

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