Addleshaw Goddard has advised ECI Partners (ECI), the leading growth-focused, mid-market UK private equity firm, on the purchase of the specialist cycling retailer, Evans Cycles from Active Private Equity.
The deal will see ECI hold a significant stake in Evans Cycles, with the remainder held by management. The current Evans management team, headed by Nick Wilkinson, will continue to lead the business.
The Addleshaw Goddard team was led by private equity partner, Mike Hinchliffe, supported by corporate associates Marc Field and Andy Grant. Partner Alex Dumphy advised on the bank funding provided by HSBC and AIB, supported by associates Ronan Armstrong and Emma Wells.
Active Private Equity was advised by Mayer Brown and the management team of Evans Cycles were advised by Clyde & Co.
Mike Hinchliffe, commenting on the transaction, said: "We are delighted to have advised long-standing client, ECI, on this deal. It fits perfectly into their strategy of partnering with high-growth companies, as Evans' track record of growth in sales over recent years speaks for itself. ECI's experience of working with businesses in the retail and consumer sector, both via physical stores and online platforms, made them an ideal partner to support Evans' exciting plans for the future."
Notes to Editors:
Addleshaw Goddard's private equity team have advised on a number of key transactions during 2015 including :
- advising the sellers on NVM's disposal of Kerridge to Accel-KKR;
- advising management on 3i's investment in Aspen Pumps;
- advising Phoenix Equity Partners and NVM on the sale of CloserStill to Inflexion;
- advising on Living Bridge's investment in Sykes Cottages;
- advising LDC and Scottish Equity Partners on its investment in SSP Group;
- advising Synova Capital on its investment in Defaqto.
The team has recently appointed two new partners - Andrew Green and Graham Cross (previously managing associates at the firm) have been appointed partners in the team with effect from the 1st May 2015.