Hastings-based Whyte Bikes has announced a strategic partnership with specialist investment firm, Cairngorm Capital Partners LLP (Cairngorm Capital), with whom it will work to develop both overseas trade and the electric bike portfolio’s reach.
Coming on the back of a year where the firm’s profits rose four-fold, the partnership sees the appointment of David Hill, who joins as non-executive Chairman, allowing co-founder Guy Farrant to focus on trendspotting and driving Whyte’s strategic vision, in particular with a view to growing the electric bike arm.
David has significant experience of working with consumer facing brands in the leisure, health and wellness sectors, and brings expertise in international expansion. The latter experience is expected to be particularly valuable as part of the deal.
Established in 1999 by Derek and Guy, Whyte Bikes serves the UK and international bike market, selling its products through UK dealers and international distributors. Best known as an innovative mountain bike company producing trail bikes, Whyte’s product range has diversified to include gravel, commuter and youth models, and most recently, strong-selling e-bikes.
Guy Farrant, Whyte’s Managing Director, said, “On behalf of all at Whyte, I would like to welcome David to our company and Cairngorm Capital as partners – we look forward to working together. This partnership provides Whyte with the resources and expertise to undertake a series of initiatives that will enhance the quality of our offering, extend our product range and ultimately, benefit our customers and riders.”
Cairngorm Capital’s investment was led by Neil McGill and Mutsa Mutembwa. Neil, Managing Director, explained, “Whyte is a superb business with exciting growth prospects and an exceptional management team. Our firm believes that the trend towards increased participation in cycling driven by changing lifestyles, environmental considerations and government policy support will endure over the long term. As a leading UK brand with a range of award-winning bikes, Whyte is well placed to benefit. We are delighted to be able to partner with Guy and his team.”
Derek Farrant, Whyte’s founder, said, “This is a new chapter for Whyte and represents a natural progression for me – Guy is a very capable MD of the business and has been shaping Whyte to his own vision over the last seven years. This is an exciting time for all involved in Whyte’s future and I have every expectation of its success, under the ongoing stewardship of Guy and the management team.”
The terms of the deal were not revealed as part of the announcement.