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(Reuters) - Private equity firm ECI Partners said on Friday that it would buy a "significant majority stake" in Evans Cycles, a 90-year-old British bike shop, from Active Private Equity.
ECI said Evans Cycles management would own the remaining minority stake, without disclosing financial terms of the deal.
The Telegraph reported last month that a deal with ECI would value the bike retailer at about 100 million pounds ($153.1 million), and that PAI Partners was among the shop's other suitors. (http://bit.ly/1FMll47)
Evans Cycles, which began as a small London chain, is the UK's largest specialist cycling retailer, according to ECI.
Sales in Evans Cycles have more than quadrupled since Active bought it for 35 million pounds in 2008, when it had an annual revenue of about 44 million pounds.