The Hut Group acquires Probikekit.com
Online retailer The Hut Group has bought road cycling specialist Probikekit.com.
Founded in 1998, PBK sells cycling accessories, components, tyres, and sports nutrition products, and plans to expand its category ranges to include triathlon products.
Acquired from Encore Capital, PBK will join The Hut Group’s lifestyle division which includes sports nutrition brands Myprotein and Myvitamins. The group said the acquisition will enable it to broaden its lifestyle offering and generate product and customer cross-selling opportunities.
Matthew Moulding, chief executive of The Hut Group explained: “Following a review of the sector we identified PBK as the outstanding brand for acquisition given its heritage, the breadth and longevity of its supplier relationships and its international customer reach.
Never Miss a Retail Update!“We are very excited about the prospect of combining the specialist know-how of PBK with The Hut’s e-commerce expertise to compete in a sector growing at 15% per annum.”
The Hut Group also announced that it has raised new funding to support its expansion strategy. The group recently completed an equity fundraise supported by a new shareholder, the Lewis Family, the founders of fashion retailer River Island. Clive Lewis will join The Hut Group’s board.
Angus Monro, chairman of The Hut Group said: “We are delighted to welcome Clive Lewis to the Board. Clive’s retailing experience will be invaluable as the group continues to expand its product offering, across third party and proprietary own brands.”
