Risk Capital Partners, the private equity firm chaired by Luke Johnson, today announces that it has bought a majority stake in Zoggs, the global swimming products brand.
Zoggs sells over 2.5 million pairs of goggles across 50 countries throughout the world. Founded in Sydney, Australia in 1992 it has built on its success as an innovator in the goggles market to develop a full range of swimwear, swim equipment and learn to swim/water confidence products.
Zoggs established and developed a market leading position in the UK leisure centre channel, servicing the majority of UK leisure centres with ‘point of use’ sales. In recent years it has moved into many of the UK’s high street retailers and has also benefited from a shift to online retail.
Luke Johnson, Chairman of Risk Capital Partners, commented: “Swimming is a life skill and a great way to exercise and unwind. I am a regular swimmer and a big fan of Zoggs’ products, as is my whole family. Zoggs offers products for beginners through to enthusiasts. We see sustained long term growth in the global swimming market, supported by favourable demographics for this low impact exercise, as well as shifting cultural attitudes to swimming across the Far East and Middle East.”
Risk Capital Partners is supporting the existing management team lead by Mark Hammersley, who has run the business for the past 13 years. This acquisition marks the first investment by Risk Capital Partners in the sporting goods market, but a return to retail.
Mark Hammersley, Managing Director of Zoggs Group Limited, added: “The management team at Zoggs was very impressed by the branded investments made to date by RCP and are looking forward to working with Luke Johnson and the team at RCP to continue the fantastic growth the Zoggs brand has experienced in recent years.”