Matt Bullock
12 December 2011
Wiggle, a U.K. online cycling and tri-sports retailer, was recently acquired by private equity firm Bridgeport. Wiggle was bought out by the same company that owns Hobbycraft and Fat Face clothing, and was purchased for £180 million.
Demonstrating the tremendous growth that can be spurred by ecommerce and mcommerce,
Wiggle grew at an annual rate of at least 50 percent in the last three years, and currently hosts 1 million shoppers on its website per week. Humphrey Cobbold, CEO of Wiggle, said the new partnership with Bridgeport will help the online store reach a global consumer base.
"Bridgepoint is highly experienced and successful in investing in growing retail and consumer businesses, and has an extensive international network which matches Wiggle’s international strategy and growth aspirations, and will be a significant benefit to continuing the strong growth,” Cobbold said.
Bicycle Retailer reported Wiggle's online store made more than 600,000 sales, totalling £88 million, in 2010. Wiggle currently reaches consumers in more than 80 countries through its online presence in 10 different languages, accepting 15 different currencies.
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