Risk Capital Partners has announced that is has bought a majority stake in Australian swimwear brand Zoggs, while supporting the existing management team led by Mark Hammersley.
Zoggs said was advised by McQueen corporate finance and Squire Patton Boggs on the deal, but did not disclose a purchase price. Alan Jacobs remains as Chairman of the newly formed Zoggs Group.
Founded in Sydney in 1992, Zoggs has built on its success as an innovator in the swim goggles market to develop a full range of swimwear, swim equipment and learn to swim/water confidence products.
In addition to subsidiaries in the UK, Australia and New Zealand, Zoggs is now sold in another 45 countries.
Zoggs Group CEO Mark Hammersley, who has run the business for the past 13 years, commented on the deal: “The management team at Zoggs was very impressed by the branded investments made to date by RCP and are really looking forward to working with the team at RCP to continue the fantastic growth the Zoggs brand has experienced in recent years’’
Risk Capital Partners chairman Luke Johnson said: “Zoggs offers products for beginners through to enthusiasts and the whole family. We see sustained long term growth in the global swimming market, supported by favourable demographics for this low impact exercise and shifting cultural attitudes to swimming across the Far East and Middle East.”
This acquisition marks the first investment by Risk Capital Partners in the sporting goods market.