Convex advised the Shareholders of Sportsbikeshop, the British market leading online retailer of motorbike clothing, spares and accessories, on a sale to POLO Motorrad und Sportswear GmbH, a leading European multi-channel retailer of motorcycle accessories backed by Equistone Partners Europe, in a deal which values the business at €30m.
Sportsbikeshop based in Boston, Lincolnshire, was founded in 2005 by James Mitchell and has since become the UK’s No. 1 online retailer of motorcycle accessories, having grown rapidly in recent years as customers move away from traditional bricks and mortar competition to specialist online retailers.
The company is aiming to generate sales of over GBP 15 million in the current business year. Sales are exclusively made to the end customers via their online portal. Sportsbikeshop has a market share of over 90 percent in the UK and currently supplies 100,000 customers, primarily in the UK but also throughout Continental Europe, North America, Australia and New Zealand. James Mitchell will remain in his post as Managing Director post transaction, retaining responsibility for the Company’s British activities and will also support the Group’s e-commerce activities.
Convex structured a deal which valued the business at over 10x EBITDA and delivered over 90% of the consideration on completion.
“Convex presented us with a compelling proposition and exceeded our expectations at every step. We are absolutely delighted with the outcome.”
James Mitchell, Founder & Managing Director
