Ashcombe advises Wattbike on an £11.5m investment by Piper
Ashcombe is pleased to announce that it has advised Wattbike – the developers of the best performing indoor training bikes – on an £11.5m investment by Piper.
Launched in 2008, Wattbike has developed a range of the world’s most accurate, reliable and measurable indoor bikes that are supported by a number of digital products to create one of the most highly regarded performance-led training offerings. Wattbike has become the bedrock of training programs used by elite sports teams and professionals across the world.
The combination of the new capital and Piper’s expertise in growing Consumer brands will accelerate Wattbike’s entry into new markets & support continued new product development, enabling the business to capitalise on the global rise in connected home fitness and cycling.
Rich Baker, CEO of Wattbike, commented:
“We would like to thank the whole Ashcombe team for their support & advice through the whole transaction. They quickly understood the primary objectives, and then worked with us to deliver a partnership that achieved them.”
Jack Garrett, Ashcombe’s Partner, added:
“The Wattbike team have developed a world-class product for a market that is exploding. With Piper’s support we soon expect the business to accelerate and become ever better recognised as the world’s leading indoor bike performance brand.”
Dan Stern, Investment Director at Piper, added:
“We are very excited with this new investment and are very grateful to Ashcombe for arranging it. They helped all the stakeholders to navigate a number of complex issues to create a partnership structure that should allow us to flourish.”