National legal business DWF has advised leading UK sports distributor Avocet Sports Limited in connection with the buyout by Hero Cycles, the world’s largest bicycle manufacturer.
Manchester-headquartered Avocet is one of the UK’s top three distributors of cycling parts and accessories and is the first company that Hero Cycles has acquired outside of India. The company has longstanding relationships with leading UK retailers including Tesco, Halfords and Asda, and provides a range of products from brands including Coyote, Lectro and Riddick, and the strategic acquisition will allow the companies to work together to develop their offering for the UK and European cycle markets.
Jonathan Robinson, partner and head of DWF’s private equity team, advised Avocet on the deal alongside Nick Hawthorne and Ben Sims. Jonathan commented on the deal: “This deal marks a significant step for both Avocet and Hero Cycles, allowing the companies to grow their product range and deliver to a wider consumer base across the UK and Europe.”
DWF’s 60-strong national corporate team was recently ranked one of the UK’s most active in the first half of the year, acting on a total of 58 transactions. The northwest based team acted on a total of 16 transactions and recently advised financial services company Wealth at Work in connection with Equistone Partners Europe’s £50m buyout of the company from Palatine Private Equity.