Private member driven sports giant SportPursuit, which supplies cycling and outdoor kit, is the latest to join the private equity investment list, taking on bd-capital as a partner.
SportPursuit is not accessible without a membership and it is this data collection that is central to its proposition. Through its own proprietary technology the site recognises consumer shopping behaviour and thereafter tailors the digital experience in such a way that it recognises what the customer is likely to be interested in and makes such product recommendations.
Founded in 2011, the site proved attractive to investors thanks to this model of creating shopping experiences that centre around changing patterns in consumer behaviour, where technological investments can lead the client toward a purchase. Discount deals are often a big part of the carrot dangled in front of the buyer.
bd-capital will be partnering with the existing founders and management team of SportPursuit, led by CEO Adam Pikett.
Pikett says: “We are excited to be partnering with bd-capital. They have a different approach to other investors. Their operational model is unique in the mid-market and their experienced team of operators who have run businesses can genuinely help us as we grow. Their international experience will also be incredibly helpful as we continue to expand our international reach. I am really excited to be working with Andy, Richard and the bd-capital team to unlock the full potential of SportPursuit together.”
Pickett will remain as CEO, while Graham Elton, Operating Partner at bd-capital, will join the team as Chairman. The management team and founders will remain invested in the company.
The pan-European private equity business bought into the UK and German market centric shopping portal on the back of making similar investments into Symprove, a gut health business, and Ascenti, a provider of physical and mental wellbeing services.
In concluding the deal SportPursuit was advised by KPMG (corporate finance), Goodwin Procter (legal), and BDO (tax).
SkyNews reports that Draper and Scottish Equity Partners sold their stake as part of the deal.