LGV acquires Snow+rock group
LGV announces the acquisition of specialist outdoor sports retailer, Snow+Rock Sports Ltd ("Snow+Rock") in a management buyout, backing Managing Director Dion Taylor and his team. The Group has 35 outlets trading under the Snow+Rock, Cycle Surgery and Runners Need brands. The previous owner, Andrew Brownsword is leaving a significant investment in the business.
Dion Taylor, Managing Director of Snow+Rock said; "For my team and me, this MBO is the realisation of an ambition we have held for a number of years. Andrew Brownsword and Jeremy Hancock helped us to grow the group to its current market leading position, but now it is time for the management to become stakeholders in the business and to continue to drive it forward. Our three brands of Snow+Rock, Cycle Surgery and Runners Need are the leading specialist retailers in their sectors. With the support of LGV we have developed a roll out plan which will bring our brands to a wider audience, whilst staying true to our principles of providing premium retail environments along with unrivalled customer service and the best products available."
The Management Team have invested their own funds alongside LGV which has a 20 year history of successfully backing management teams in the consumer, leisure, services and healthcare sectors.
Commenting on the investment, Steven Phillips, a Director at LGV, said: ”We are very excited to back a first class management team to continue the growth of the Snow+Rock Group. By combining three leading specialist outdoor sports retailers in Snow+Rock, Cycle Surgery & Runners Need, we believe the business offers consumers a compelling proposition. The business is uniquely positioned to take advantage of growth in its key markets, particularly in cycling and running. LGV has a strong track record of working with consumer facing businesses and we are looking forward to supporting the management team as they develop the business further.”
Snow+Rock was established in 1982 is the UK's leading specialist winter sports retailer. It also encompass leading specialist retailers in cycling and running through its subsequent acquisitions of
Cycle Surgery and Runners Need. Within its 35 stores, 15 of these combine two of the retail brands, offering customers a broader proposition. The company has recently announced it will open a further new store in Exeter in December 2010.
