German sports group acquires majority stake in fast-growing cycling brand
German family-owned uvex sports group has acquired a majority shareholding in fast-growing Warwickshire-based cycling brand Hiplok.
The companies said the partnership will combine uvex’s history of class-leading protective gear with Hiplok’s innovation in the cycle security market, helping Hiplok to continue its growth and further establish itself as a leader in the cycle accessories market.
Hiplok was founded in 2011 when co-founders and product designers Ben Smith and John Abrahams launched the world’s first wearable bike lock.
The pair have continued to develop a range of products each year, expanding the brand’s security and storage line up and contributing to strong year on year sales growth.
Under the new partnership, the co-founders will continue at the helm as the brand embarks on the next phase of its ambitious product development and
international growth plans.
Ben Smith and John Abrahams said: “Our partnership with uvex sports group, a company whose people share our business values, commitment to quality and vision for innovation, provides a platform for delivering the next generation of Hiplok products to more cyclists and outdoor enthusiasts around the world.”
The shareholders of Hiplok were advised by partner Simon Ward and manager David Lee of Springboard Corporate Finance.
Ward said: “We are delighted to have been able to assist Ben and John in securing uvex as a strategic partner.
“Hiplok is a fantastic and truly disruptive brand which has built an enviable footprint. This partnership provides a platform to take the brand truly global.”
Legal advice to the Hiplok team was provided by Malin Svanberg Larsson of Freeths with tax advice from Guy Kendall and Iain Wright of Claritas.