Planet X designs and sells bicycles. Credit: Dave Haygarth/ Flickr (Creative Commons)

Winlong Garments, a company funded by private equity firm Baaj Capital, has acquired the UK-based independent bicycle retailer Planet X through a pre-pack transaction.

Planet X is based in Rotherham and specialises in designing and building road, gravel and mountain bikes under various brands, including Planet X, Holdsworth, On-One and Titus.

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The company also sells a wide range of clothing and accessories through its digital channel.

As part of the deal, Baaj Capital will retain all 33 employees of Planet X.

Financial terms of the transaction have not been disclosed.

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Baaj Capital owner and director Jas Singh said: “This exciting acquisition accelerates Baaj Capital’s plan to invest across a wide spectrum of diverse business opportunities, the retail sector, with both online and bricks and mortar sites, being only one area of interest.

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“Baaj Capital has actively funded the acquisitions of both distressed and solvent companies through many sectors over the recent past.

“Planet X incorporates both specialist production and innovative design, with a reputation for quality and finish and represents an exciting addition to the businesses trading with Baaj Support. Our thanks to the Interpath team and Company Management for their help in delivering this project.”

This divesture completes the seven-week sales process of Planet X initiated by the company’s directors.

The retailer was put on sale after its performance was affected by supply chain issues and reduced demand, which impacted its cash flow.

Howard Smith and Rick Harrison from Interpath Advisory acted as the joint administrators for Planet X.