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news
Wiggle Bike Service and Repair.jpgWiggleCRC to be taken over by German online giant
UK-based WiggleCRC, one of the world’s leading online bicycle retailers, is to be acquired by German online retailer Signa Sports United in a deal that will be completed via the latter’s forthcoming IPO on the New York Stock Exchange (NYSE), it has been confirmed.
Based in Berlin, Signa Sports United – not to be confused with the UK-based retailer Sigma Sports – owns ecommerce brands including, in cycling, Fahrrad.de, Bikester and Probikeshop, as well as others specialising in outdoor gear, tennis and team sports.
It is owned by Austrian property billionaire Rene Benko, and is securing its NYSE listing by merging into a publicly quoted special purpose acquisition company, Yucaipa Acquisition Corporation, with the combined group also acquiring WiggleCRC. It says it expects shares to begin trading in around three months’ time.
According to Signa Sports United, which is run by a former managing director of eBay in Germany, the combined group is valued at $3.2 billion and will have pro forma net revenue (including WiggleCRC) of $1.6 billion, and adjusted earnings before interest, tax, depreciation and amortisation of $70 million.
WiggleCRC’s current owner, the private equity firm Bridgepoint, will be taking a stake in the new group as part of the deal, which Signa Sports United says will create “the world’s largest pure-play sports e-commerce and technology platform company, serving over 7 million active retail customers, 1,000+ brand partners, 500+ connected retail stores, and more than 15 million sports community users globally.”
Stephan Zoll, CEO of Signa Sports United, said: “We're proud and excited by this next chapter in SSU’s growth story. Becoming a listed company allows us to continue capturing market share in Europe and to accelerate our U.S. and international expansion while scaling our platform solutions.
“We also look forward to welcoming WiggleCRC to our SSU family. The acquisition enhances our global online leadership especially in the bike category.
“Our focus on growth and internationalisation coupled with our platform approach drives significant scale benefits,” he added.
Simon joined road.cc as news editor in 2009 and is now the site’s community editor, acting as a link between the team producing the content and our readers. A law and languages graduate, published translator and former retail analyst, he has reported on issues as diverse as cycling-related court cases, anti-doping investigations, the latest developments in the bike industry and the sport’s biggest races. Now back in London full-time after 15 years living in Oxford and Cambridge, he loves cycling along the Thames but misses having his former riding buddy, Elodie the miniature schnauzer, in the basket in front of him.
Latest Comments
- Rendel Harris 3 min 47 sec ago
I've put those on Mrs H's bike and keep meaning to put them on mine as well, they are really effective because not only can drivers see you clearly...
- quiff 4 min 42 sec ago
Move the bikes repeatedly - solves the problem, but at your inconvenience. Chop them up - gets the operator's attention and they might do something...
- Doug_D 14 min 47 sec ago
Another book suggestion - I can highly recommend "Lost Summers and Half-Forgotten Afternoons: A Mint Sauce collection" - a beautifully presented...
- chrisonabike 36 min 21 sec ago
Neighbourhood: you can't change anything because we have a disabled resident! Also driving children to schools! People power!...
- chrisonabike 1 hour 27 min ago
But... the last is only not the case with drivers on normal roads because driving on the cycle path / footway / rolling a vehicle up there is seen...
- mdavidford 2 hours 5 min ago
I think you're missing an opportunity to pack even more tech into it - add accelerometers that can detect whether they're pedalling or stepping....
- chrisonabike 2 hours 30 min ago
Thanks. I guess the question is "need". If the road is busy, it sounds like it is a desired route between places? In which case (given this an...
- mdavidford 2 hours 38 min ago
Don't know what you mean. I thought my suggestion was entirely practical.
- Rapha Nadal 3 hours 12 min ago
I'd buy a motorbike fo rthat kind of money!
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20 comments
I have a tin full of haribo from those shop purchases from Bikester and other EU shops !Next day Hermes is spot on for me in London but I know the fantastic delivery guy due to the frequency of drop offs.
I'm not sure of whether the SPAC listing will help customers. But the investors will at least be able to take advantage of the current bike market. Before it recedes.
Hmmm....Not too sure what I think about this, I've never been a fan of private equity and leveraged finance, but Wiggle being bought up by a larger conglomerate means less competition. And, despite being a vehement LBS advocate because 'the internet won't fix your bike', Wiggle kept me on the road during the lockdown in Norfolk until I discovered TriHarder.... Utterly confused. Think I'll go for a ride.
I've used Bikester a couple of times since Brexit for things Wiggle & CRC were out of stock for. Very quick delivery from outside the UK - and they included Haribo.
Nevertheless, I don't think it's a great idea to have increasingly centralised and monopolistic retailing.
Do you think they might have the money to invest in a decent courier after this merger? 8 out of 12 Wiggle orders I've placed this year lost/delayed for days by Hermes! Charging £5.00 for premium delivery with that lot is like charging £1,000 for an Apollo bike.
Just choose the free option as it arrives in pretty much the same timeframe as the paid service!
I have tried that as well, and the order arrived after 8 days with a 'Sorry, your parcel has been delayed' message on the tracking. Plus you have to spend £20.00 for free delivery and not everything I need costs that much...so you have to pay £2.99 for the privilege of Hermes not actually delivering.
Where do you live ? Wiggle delivery has always been good for me. Sometimes ridiculously fast.
Interesting. I ordered on Saturday and the package has just arrived - that was free delivery. Do you live in quite a remote area?
Contact Wiggle every time your parcel doesn't arrive on time, and ask for a £5 voucher as compensation.
That's what I do 😀
Also, if you know you're going to order multiple items from Wiggle. Consider Wiggle+, I think it's about £10 per year.
I have always used the click and collect service (delivers to my local 24 hour petrol station/convenience store) and, without fail, it has always arrived two - three days before they have estimated.
When I buy stuff from Wiggle I use their reliable click and collect service as the collection point is quite near where I live. When I buy stuff from Chain Reaction their nearest collection point is miles away so I use their free delivery service which unfortunately is delivered (if you're lucky) by Hermes. Hermes are dreadfull. Only a few days ago I bought a bottom bracket from Chain Reactiion. CR confirmed it had been despatched and was in the hands of Hermes. It took Hermes 3 days to even confirm they had it. Thankfully it was delivered to my "safe place" a couple of days later. I once instructed Hermes to leave a parcel in my safe place, they left it outside for all to see. And they take a photo of my front door (no parcel in sight) as proof of delivery! That's why I'm loathe to buy anything from CR.
That's big investments in Wiggle/CRC, Ribble and Sigma in the last few months.
Obviously a good time to be a UK bike retailer.
Hope it works out. I've felt that Wiggle/CRC have already become too big and customer service not quite what it used to be.
Not sure the answer to being too big is to be swallowed up into something bigger. With ambitions to "capture" market share, as opposed to growing it organically. The better to reward shareholders by using their "scale", to wit monopoly, advantages.
and no mention that this would be referred to any monopoly commision for reducing competition..soon we will only have one major source for our kit...have avoided using wiggle and crc as far as possible for that reason
I agree. Not all my Wiggle orders have the little bags of Haribo in them. Gutted!!
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I agree. Not all my Wiggle orders have the little bags of Haribo in them. Gutted!!
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This genuinely pains me...
indded, bad enough when it is starmix and not tangfastics but to get none feels like a slap
Bought a couple of tyres off Condor. They gave me 2 packs of Clif Bloks. I looked well fancy pulling those out my back pocket and sharing them around 😉
A "friend" gave me a pack of Clif Bloks, now I know why, the damn things stick to yer teeth. Jelly Babies sooo much better, and cheaper.