LONDON (BRAIN) — Indoor smart bike maker Wattbike has received an investment of 11.5 million pounds ($14.8 million) from Piper, a UK-based private equity firm specializing in consumer brands.
Wattbike was founded in Nottingham, U.K. in 2007 by former world champion rower Ian Wilson in collaboration with British Cycling. It initially focused on sales to commercial gyms but later added direct-to-consumer sales of home smart bikes. The company is forecasting total sales in excess of £21 million this year, with sales up 192% in April over the same month last year. The company remains based in Nottingham and has 64 employees.
Piper's investment is subject to official approval. The company said it will help the business to continue growing in the UK and further penetrate the U.S. and Asia markets.
Rich Baker, CEO of Wattbike, said: 'Since first meeting the Piper team in 2016 they have consistently helped and supported our business. We are confident that their investment and expertise will help us realize our global ambitions for the Wattbike brand."
Dan Stern, Piper's Investment Director, said: 'We are excited to be backing the Wattbike team for the next stage of growth. Indoor fitness training alongside the rise in consumers cycling and participating in triathlons make this is a very attractive market sector and Wattbike is in a league of its own when it comes to high-performance indoor bikes. We're looking forward to working with Rich and the team over the coming years.'
Ian Wilson stepped down as chief executive in 2018 but remains a non-executive director and shareholder. Gordon Baird, former chairman of sports footwear brand Inov-8 and swimwear brand Zoggs, will join the business as non-executive chairman.
Piper's previous investments have included PROPER, Loungers, Boden, Bloom & Wild, Neom, and Maximuscle.
