Houlihan Lokey Advises Wattbike

Houlihan Lokey is pleased to announce that Wattbike, a leading smart indoor bike brand, has received an £11.5 million investment from Piper, a specialist investor in consumer branded businesses. The transaction closed on August 29, 2020.

Founded in 2007 by former world champion rower Ian Wilson, in collaboration with British Cycling, Wattbike was formed with the mission to create the best performing indoor training bikes. The company’s products are differentiated through exceptional accuracy and patented technology that support scientific, quality data collection through the Wattbike Hub, the company’s proprietary digital training platform. The brand has become a firm favourite among elite sportspeople, with teams such as British Cycling and the England football squad training on its bikes, along with sporting champions such as Dame Jessica Ennis-Hill, Anthony Joshua and Chloé Dygert.

Although initially found in the UK’s leading gym chains, Wattbike’s direct-to-consumer offering has seen rapid growth over the last few years, with the business forecasting total sales in excess of £21 million in 2020. The company has experienced particularly strong growth in recent months with sales orders rising 192% YoY in April. Still based in Nottingham, it currently employs 64 staff.

Piper is a leading UK private equity firm specialising in consumer brands with strong growth potential. Established by entrepreneurs in 1985, it has an enviable record of building businesses into iconic brands. Its investments have included PROPER, Loungers, Boden, Bloom & Wild, Neom and Maximuscle. Piper’s £11.5 million investment (subject to FCA approval) will help the business to continue growth in the UK and further penetrate the US and Asia, capitalising on the global rise in connected at-home fitness and cycling. It is the eighth investment from Piper VI, its £125 million fund.

Houlihan Lokey served as financial advisor for Wattbike. The transaction highlights Houlihan Lokey’s continued success within the consumer, food and retail industry and the firm’s dedicated focus on the active lifestyle sector.