Who controls the cycling retail market in South Africa?


Who controls the cycling retail market in South Africa?

News dropped this week, Cyclelab buys Cwcyles!

BREAKING: Cycle Lab acquires Chris Willemse Cycles Cycle Lab, SA’s premier cycling retail chain & Chris Willemse Cycles, SA’s premier online retailer, have joined forces to give SA cyclists the best of both worlds – in-store & online!

Cycling is big business, and the South African market has had its fair share of price fixing to control the market. So who actually owns all these large retails stores which offer the cycling community a wide range of products?

1995 – CycleLab founded, the brain child of Andrew Mclean, pro cyclist and entrepreneur.

2013 – More Corp acquires CycleLab, MoreCorp owns Pro Shop etc.

2015 – OLD MUTUAL PRIVATE EQUITY pays more than R300m ($20.7m) for a 70% stake in      More Corp, Co-founder Darryl Egdes retains 20% and management owns 10%.

2018 – CwCycling acquired by More Corp (70% of which is OLD MUTUAL PRIVATE EQUITY)


“I would rather own 10% of a huge industry then 100% of a small one”

Andrew Mclean – CycleLab

Darryl Egdes – More Corp

Resources links:




Old Mutual Private Equity is one of South Africa’s largest and most established private equity manag¬ers. We invest in high-quality unlisted businesses with quality management, significant growth potential and attractive characteristics. We have successfully invested over US$670 million (R9 billion)* and returned more than $1.15bn (R15.4 billion)* to investors since 2004. Our investment strategy is distinguished by our partnership approach, our unusually wide perspective on the market, and our ‘no stone left unturned’ philosophy.

*as at 30 June 2018


Sport, leisure and wellness

Date of Investment:

Deal type:

Investment Partners:

Business Synopsis:
MoreCorp is a sport, leisure and wellness business underpinned by technology with interests in golf and cycling. Its golf interests comprise its large format, specialist golf stores – The Pro Shop, which is complemented by themed golf practice ranges and online golf booking facilities, among others. Its cycling interests include Cycle Lab, a chain of large format specialist cycling stores selling a wide-range of international brands, as well as a cycling club, cycle park and cycling fitness programmes.


  • Old Mutual Private Equity Fund IV


  • Current