Online retailer The Hut Group has acquired cycling e-tailer ProBikeKit.com (PBK) for an undisclosed sum, it has been announced today.
Acquiring the brand from private equity firm Encore Capital, PBK will join the group’s lifestyle division alongside TheHut’s Myprotein and Myvitamin sports nutrition brands as the retailer seeks to expand its lifestyle offering.
PBK’s range includes cycling accessories, clothing, tyres and supplements and the group will extend this to include thriathlon gear.
Supporting its category growth strategy, The Hut Group recently completed an equity fundraise which saw River Island founders the Lewis family become a new shareholder in the business and a statement from the group welcomed Clive Lewis to the board.
Angus Monro, Chairman of The Hut Group commented: “We are delighted to welcome Clive Lewis to the Board.
“Clive’s retailing experience will be invaluable as the Group continues to expand its product offering, across 3rd party and proprietary own brands.”
Last September, The Hut reported a 54.3 per cent sales rise in its first half as investment in its technology platform proved profitable and it is hoped that this latest development will further strengthen its position as the cycling market remains popular following the Olympic Games.
Matthew Moulding, The Hut Group CEO said of the move: “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.”
“We are very excited about the prospect of combining the specialist know-how of PBK with The Hut’s e-commerce expertise to compete in a sector growing at 15 per cent p.a.”