Member Article

Management buy out creates Darlington cycling group with £70m sales

Darlington-based Zyro, a distributor of cycling accessories, has acquired Fisher Outdoor Leisure, creating a combined group with sales of £70m, on the back of a management buy-out.

Zyro was established over 20 years ago by husband and wife team Simon and Julie Ellison, growing quickly to become a leading specialist distributor of cycling accessories and clothing brands, supplying major retailers such as Halfords, Evans and Wiggle, as well as over 1,500 independent dealers.

The new investment, backed by mid-market private equity firm LDC, will enable the merger of the two businesses and further develop their distribution capabilities, with operations proposed to be consolidated at Zyro’s Darlington facility. It will also enable further investment in its proprietary clothing, luggage and accessories brand, Altura.

Fisher Outdoor Leisure, established over 70 years ago, meanwhile specialises in the distribution of cycle componentry, serving a similar breadth of customers making the two businesses highly complementary.

The UK cycling market has experienced growth in recent years, helped by the success of Team GB in the 2012 Olympic Games, Sir Bradley Wiggins becoming the first Brit to win the Tour de France, together with the wider success of British cycling.

More than two million people across the UK currently cycle at least once a week, according to British Cycling, the sport’s governing body.

Matthew Barker, a Director of Zyro for the past four years, is appointed as Zyro-Fisher CEO and will be supported by former Fisher CEO James Browning, who becomes Chairman. Zyro founders Simon and Julie Ellison will join the board as Directors along with John Garner and Ben Snow of LDC.

Simon Ellison, founder of Zyro and Director of Zyro-Fisher, said: “We are very excited about the future of the combined business. It brings together a very powerful portfolio of brands, while the separate sales and brand management structure will ensure we continue to offer the best brand and customer focus in the industry.”

James Browning, Chairman of Zyro-Fisher, said: “Our industry is clearly entering a consolidation phase and I am delighted with the combination of these two strong and complementary companies to create a scale player able to offer future-proof service and solutions to its partners.”

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