RLPC-Bridgepoint buys online cycling shop Wiggle

LONDON Dec 7 (Reuters) - European private equity firm Bridgepoint has acquired online cycling and tri-sports retailer Wiggle from ISIS Equity Partners for 180 million pounds ($280.8 million), the companies announced in a statement on Wednesday.

Bridgepoint completed the deal following an auction process launched last month by Rothschild. Buyout houses Advent, EQT and 3i had expressed interest in purchasing the company but dropped out at an earlier stage, a source close to the deal said.

HSBC and Investec provided the debt on the buyout, the statement said. The debt amounted to around 60 million pounds of all senior drawn leveraged loans, sources close to the deal said.

Wiggle's management, led by Andy Bond and Humphrey Cobbold, will remain with the business and will make significant personal investment in the business as part of the deal, the statement said.

Nomura provided corporate finance advice to Bridgepoint and Clifford Chance provided legal advice while law firm Eversheds provided legal advice to ISIS.

Portsmouth-based Wiggle was founded in 1999 and in 2006 ISIS invested in the business. Wiggle had sales and EBITDA growth in the last 3 years of 50% per annum.

($1 = 0.6410 British pounds) (Reporting by Claire Ruckin)