Head splashes out on swimwear brand Zoggs

Head splashes out on swimwear brand Zoggs
By: Business Posted On: May 28, 2020 View: 75

Head splashes out on swimwear brand Zoggs

The private equity firm run by Luke Johnson, the serial entrepreneur, has sold the swimwear brand Zoggs to one of the world's largest sports apparel empires.

Sky News understands that Mr Johnson's Risk Capital Partners has struck a deal with Head, which is best-known for its winter sports equipment and tennis racquets.

The deal, which is understood to have been agreed in the last few days, comes as the coronavirus outbreak hurts sales of premium sports goods.

Head is owned by Johan Eliasch, a prominent businessman whose other roles include the chairmanship of Pitch, the mentoring initiative for start-ups which was established by the Duke of York.

The terms of its purchase of Zoggs, which was bought by Mr Johnson's firm in 2015, were unclear on Thursday.

Zoggs sells millions of pairs of goggles annually, competing with brands including Speedo.

Established in Australia, its products are found in many UK leisure centres.

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The sale of Zoggs comes as Mr Johnson, who was hit by the collapse of Patisserie Valerie's parent company after an apparent fraud last year, tries to mitigate the impact of COVID-19 on his largely consumer-focused business portfolio.

Risk Capital Partners is also an investor in businesses including Gail's, the chain of bakeries, and a number of other hospitality companies.

Mr Johnson and Mr Eliasch both declined to comment.

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