BPE and Thomas Eggar win Evans Cycles buyout

Cheltenham-based BPE and South East firm Thomas Eggar have won places on the private equity buyout of High Street chain Evans Cycles.

Active Private Equity, advised by BPE, picked up a majority stake in the company in a deal thought to be worth around £35m.

Thomas Eggar represented the Smith Family, which has owned the cycle retailer for the past 50 years and retains a minority stake.

BPE corporate partner Paul Wakefield turned out for Active Private Equity, an investment vehicle run by former Goldman Sachs economist and BBC chairman Gavyn Davies.

Berwin Leighton Paisner acted for Lloyds TSB on the provision of a new debt finance package for Evans Cycles.

Thomas Eggar fielded a large team led by corporate finance partner Daniel Bastide and corporate associate Danos Swain. It also offered advice on employment, tax and property through associates Frances Strickley (employment) and Nitzan Cohen (tax) with solicitors Emma van Klaveren and Sarah Ovenden (property).

Swain said the firm had been working with Evans Cycles for six years, adding: “We are delighted to have played our part in securing the best possible outcome for our client.”

Evans Cycles will use the equity injection to continue its growth, which has seen turnover double within three years to £45m.