Extra UK has secured an investment from Storskogen UK, which has acquired a majority shareholding in the business.
Extra UK is a leading distributor of quality cycling products and represents a number of market-leading brands on an exclusive basis, supplying cycle retailers throughout the UK and Ireland. Its carefully curated portfolio of over 30 exclusive brands includes Abus, Brooks, Crankbrothers, Ergon, Fizik, Pirelli, and Topeak.
Founders Brian Stewart and John Phillips will continue to hold shares in the company and remain on the board of directors working alongside the existing management team led by recently appointed CEO Will Fripp.
“We are delighted that Storskogen has chosen to partner with us,” said Fripp. “I truly believe in this business and have a passion to drive it forward on its current path. Storskogen’s support and expertise will be highly beneficial as we continue to deliver our ambitious plans for the company.”
Storskogen acquires and manages well-managed and profitable small and medium-sized enterprises within the business areas industry, trade and services in the Nordic countries, DACH and the UK. At the end of 2021, Storskogen consisted of 105 business units with a total of approximately 9,000 employees and a trailing annual turnover (RTM pro forma) of almost SEK 23 billion.
“We have been extremely impressed by Brian, John, Will and the entire Extra UK team who have developed a strong position within cycling parts and accessory distribution,” said Erika Butterworth, investment director, trade at Storskogen.
“Storskogen already owns companies in the international cycling industry and we are excited to use our existing knowledge of this market to support the Extra UK team with their next phase of growth. We warmly welcome Extra UK to the Storskogen family.”
Read more: “It’s pleasantly chaotic and energetic”: Butternut Bikes on its North London store
Extra UK will be exhibiting at this year’s COREbike show at Whittlebury Hall from 20th to 22nd March and said it looks forward to welcoming its customer base, suppliers and friends, as well as displaying what’s new and exciting from within its portfolio of partner brands.