Active sells cycling brand Rapha to RZC Investments in £200m deal


Rapha, the high-end cycling lifestyle brand backed by Active Private Equity, has been sold to US company RZC Investments, for £200m (€221.7m).

RZC is the investment vehicle of Steuart and Tom Walton, the grandchildren of supermarket giant Walmart founder Sam Walton.

Active Private Equity first backed Rapha, which was founded by Simon Mottram in 2004, nine years ago. The company is known for it stylish, quality cycling apparel and use of content marketing to build a loyal customer base. It has been growing revenues at more than 30 per cent a year and posted sales of £63m last year.

Rapha now sells into more than 100 countries and operates 17 “club houses” in major cities around the world, with 9,000 members. The business employs 450 staff.

The deal follows Active’s sale of Evans Cycles to ECI in 2015.

RZC Investments will help to further develop Rapha’s clubhouse network and expand its scope of products and services internationally.

William Blair, Pinsent Masons and Withers advised on the deal.