Michelmores’ Corporate team has advised Mobeus Equity Partners (Mobeus) on a £4m investment to support the development of Tushingham Sails Limited (TSL). The Totnes-based watersports business was founded nearly four decades ago by Roger Tushingham, former member of the British Olympic squad.
Established as a windsurfing sailmaker, TSL experienced strong growth in the 1990’s, rapidly dominating the windsurfing industry. In 2009, TSL launched the inflatable standup paddleboarding (SUP) brand Red Paddle Co – now a world leader in the SUP market.
The transaction represents Mobeus’s fifth investment of 2015, taking committed capital so far to over £25m. It follows a very successful 2014 for Mobeus with £32m invested into six companies, and seven investments realised generating cash profits of over £60m to investors.
Greg Blin, Investment Manager at Mobeus, commented:
“We are delighted to support an excellent team and be involved with the world leading Red Paddle brand which has built a reputation for its quality and innovation in the rapidly growing SUP market. We believe the business is extremely well positioned to take advantage of an attractive and fast-growing niche of the watersports sector.”
Henry Taylor of the Michelmores Corporate team said:
“We are delighted to have advised our long standing client Mobeus on this strategic investment opportunity – a partnership which we are sure will support the continued development of this leading watersports business.”