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Wattbike has received an investment of £11.5 million from Piper, to help support its forward growth plans.
The business is forecasting total sales in excess of £21 million in 2020 and has seen particularly strong growth in recent months, with sales orders rising 192% year-on-year in April. Based in Nottingham, it currently employs 64 staff.
“Since first meeting the Piper team in 2016, it has consistently helped and supported our business,” said Richard Baker, CEO of Wattbike. “We are confident that its investment and expertise will help us realise our global ambitions for the Wattbike brand.”
Dusan Adamovic, technical director of the brand, added: “We are very excited to have the backing of Piper who is such an experienced and focused investor with a clear understanding of the opportunities we have for Wattbike, to help more and more consumers improve their performance and health.”
Piper’s investment, subject to FCA approval, will help the business continue its growth in the UK and further penetrate the US and Asia.
Dan Stern, Piper’s investment director, who lead the deal, said: “We are very excited to be backing the Wattbike team for the next stage of growth. Indoor fitness training alongside the rise in consumers cycling and participating in triathlons make this is a very attractive market sector and Wattbike is in a league of its own when it comes to high-performance indoor bikes. We’re looking forward to working with Rich and the team over the coming years.”
Founder Ian Wilson stepped down as chief executive in 2018 but remains a non-executive director and shareholder. Gordon Baird, former chairman of sports footwear brand Inov-8 and swimwear brand Zoggs, will join the business as non-executive chairman.
Ashcombe Advisers and Houlihan Lokey advised the company on the transaction.
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