Dealmakers get on their bikes for buy-out
TEAMS of dealmakers from the Yorkshire region have advised on the management buy-out of a bicycle business, Darlington-based Zyro.
It has simultaneously acquired Fisher Outdoor Leisure, and the combined business is projected to turn over £70m.
The merger with St Albans-based Fisher will enable further investment in Zyro’s proprietary clothing, luggage and accessories brand, Altura.
Matthew Barker, a director of Zyro for the past four years, is appointed as Zyro-Fisher chief executive and will be supported by former Fisher chief executive James Browning, who becomes chairman.
Zyro founders Simon and Julie Ellison will join the board as directors along with John Garner and Ben Snow of LDC.
The Yorkshire and North East offices of LDC were advised by teams from KPMG, Park Place Corporate Finance, PwC and Squire Patton Boggs.
Zyro was advised by KPMG and Addleshaw Goddard, whilst Freeths acted for management with Fisher Outdoor Leisure advised by Springboard Corporate Finance and Gowling WLG.
Simon Ellison, founder of Zyro and Director of Zyro-Fisher, said: “We are very excited about the future of the combined business. It brings together a very powerful portfolio of brands, while the separate sales and brand management structure will ensure we continue to offer the best brand and customer focus in the industry.”
John Garner, head of LDC Yorkshire & North East, said: “This is an exciting development for the combined business, its brand partners and its customers, creating a company with a truly differentiated proposition in terms of scale, reach and value-added services. Together, the board and management team bring an unrivalled level of expertise, which will help to deliver a clear growth strategy in an evolving sector. “
Christian Mayo, KPMG’s head of corporate finance in Yorkshire, led the KPMG team that advised Zyro on the transaction. He said: “This is the second significant transaction in the cycling retail market in recent months following the announcement of the merger of Wiggle and CRC in February.
“We expect further consolidation elsewhere in the sector as brand owners recognise the advantages of being represented by larger distributors in an increasingly globalised market.”
Banking facilities for the transaction were provided by Lloyds Bank Commercial Banking, including its acquisition finance team in Leeds.
