Bond to stay with Wiggle after Bridgepoint swoops for £180m

PRIVATE equity house Bridgepoint has won a bidding war to buy Wiggle, the online cycling and sports retailer, for £180m from Isis.

The buyout firm completed the deal after an auction process launched last month by Rothschild. Advent, EQT and 3i had been keen on purchasing the company, which is chaired by former Asda boss Andy Bond, but dropped out at an earlier stage, a source close to the deal said.

The debt amounted to around £60m of all senior drawn leveraged loans, sources close to the deal said.

Bond and Wiggle chief executive Humphrey Cobbold will stay with Wiggle and will invest in it as part of the deal, the statement said.

The retailer, set up in 1999, reported a 55 per cent sales rise to £86.6m for the year ended in January.