Online bike realiser bought by owner of iwantoneofthose.com and other sites. Buyer was attracted to a sector growing 15%p.a.
Probikekit.com of Cumbria has been bought by The Hut Group of Cheshire, owner of myprotein.com and speciality web retailer iwantoneofthose.com. Probikekit has a turnover of about £15m p.a. Details on the purchase amount have not been released. he acquisition, for an undisclosed sum, will add around to The Hut's annual turnover.
'PBK' was founded in 1998 and was part-owned by private equity firm Encore Capital.
The Hut plans to cross-sell between its site and also to expand the PBK product range to include triathlon kit.
The Northwich-based company is planning to list on the stock market later this year.
In a company statement, Matthew Moulding, chief executive of The Hut Group, said:Article continues below
“Following a review of the sector we identified PBK as the outstanding brand for acquisition given its heritage, the breadth and longevity of its supplier relationships and its international customer reach.
"Through our due diligence it quickly became apparent that Encore Capital had created a stable and professionalised platform ideal for the group to enter the specialist cycling and triathlon markets."