Cavendish advised on the sale of Raleigh. The deal is subject to regulatory approval in Germany, where Raleigh products are sold under license, and is expected to close at the end of May.

The Cavendish team was led by Jonathan Buxton, partner, with support from Anya Cummins, associate director.

“Raleigh, under the leadership of Alan Finden-Crofts, has been one of the success stories of how to rebuild and grow an iconic British brand and expand sales both in the UK and internationally,” said Buxton head of Cavendish’s consumer and retail group.

“Raleigh is one of the very few examples of a UK company which has successfully migrated from a pure manufacturing model into a global brand,” he added.

Cavendish has now completed eight new deals this year in sectors including media, consumer and retail, financial services and industrials.

Buxton has more than 25 years’ experience in mergers and acquisitions. He has advised on a wide range of transactions, from multi-billion pound government projects to the sale of minority stakes in small family businesses. An Oxford graduate and chartered accountant, he was previously employed at PricewaterhouseCoopers and the M&A department of Hambros Bank.

Accell was advised on the deal by ABN AMRO and Kempen.