Background

Zoggs is a leading international brand in the active swimming market. The business was founded in Australia in 1992 and had grown to become a highly recognised brand, with a presence in 45 countries. However, following the outbreak of COVID-19 and the closure of leisure pools and restricted travel across the globe, the business experienced a severe decline in revenues, resulting in significant pressure on working capital.

Action

FRP’s Corporate Finance team was engaged to find a new financial partner or buyer for the company. With the business facing considerable financial pressures we launched an accelerated process, approaching over 70 interested parties including trade, private equity and debt funders both in the UK and overseas. The experts within the FRP team – who worked closely with all key stakeholders – ensured we were able to complete a thorough and rapid process that identified a preferred buyer within three weeks.

Outcome

The company was sold to Head (UK) Limited, part of the Head Group, a global sporting goods brand owner. The sale ensured the survival of the iconic Zoggs brand, and provided a well-resourced parent company to help drive future growth. It also provided the lenders to the business with a much better financial return than the alternative insolvent outcome.

3

3 weeks

The number of weeks it took for FRP to identify and secure Head (UK) as buyer for swimming brand Zoggs

Related team

Matthew Flower

Matthew Flower

  • Partner
  • Corporate Finance
  • London

Joel Coulson

Joel Coulson

  • Associate Director
  • Corporate Finance
  • London