Mobeus Equity Partners provided growth capital to Tushingham Sails Limited, which owns the world leading inflatable Stand Up Paddleboarding (“SUP”) brand Red Paddle Co.
Red Paddle Co is the world’s only dedicated inflatable SUP brand, is sold in 55 countries and has an 18% global market share of inflatable boards. The company has an annual turnover in excess of £7m.
Mobeus provided £4 million as a combined debt and equity package to allow the business to maintain its leading position in an attractive and fast-growing niche in the watersports sector.
The global SUP market is in a significant growth phase, with inflatable boards being the fastest growing product category in the sport. The rapid growth is being driven by the sport’s accessibility, its broad demographic appeal, its affordability and the fact it can be undertaken in low wind conditions on the coast or inland water. Red Paddle Co is looking to take advantage of its leading global market position, leveraging its strong, respected brand and reputation.
Isca Ventures provided transaction support services.
Greg Blin, investment manager at Mobeus, said: “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.”
