Online cycling store Wiggle set to list on US stock market, after being snapped up by German rival
Online cycling store Wiggle is set to list on the US stock market, after being snapped up by a German rival.
The firm, which traces its roots back to a Portsmouth bike shop called Butler Cycles, is being bought from its private equity owner Bridgepoint by Signa Sports United.
Hot property: Wiggle – which once sponsored the UCI women’s professional cycling team led by Rochelle Gilmore (pictured) – is now the world’s second largest online cycle retailer
Signa plans to merge with US special acquisition company (Spac) Yucaipa Acquisition Corporation, to give it a New York listing. Spacs have become popular as investors look to put their money to work.
Yucaipa is led by Ron Burkle, the US billionaire behind the Soho House chain of private members’ clubs.
The deal will value Signa and Wiggle at a total of £2.3billion.
Wiggle – which once sponsored the UCI women’s professional cycling team led by Rochelle Gilmore – is now the world’s second largest online cycle retailer, selling brands such as Oakley and Rapha.