Private equity firm ECI Partners is buying a "significant majority stake" in Evans Cycles, the 90-year-old bike shop chain, from Active Private Equity.
ECI said Evans Cycles management would own the remaining minority stake, without disclosing financial terms of the deal.
It was reported last month that a deal with ECI would value the bike retailer at about £100 million and that PAI Partners was among the shop's other suitors.
Sales in Evans Cycles, which began as a small London chain, have more than quadrupled since Active bought it for £35m in 2008, when it had an annual revenue of about £44m.
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