Mobeus boards world leader
Mobeus is delighted to announce a £4.0m investment to support the development of Tushingham Sails Limited, a watersports business founded nearly four decades ago by Roger Tushingham, a former member of the British Olympic squad.
TSL started as a windsurfing sailmaker. During the remarkable growth of windsurfing in the 1990’s the brand dominated the UK windsurfing market. The company expanded into the design of more windsurfing components and then into overall distribution of the world’s key windsurfing brands. It is this design ethos and historic market knowledge that has enabled TSL to penetrate the world SUP market so quickly.
Today, TSL owns the world leading inflatable Stand Up Paddleboarding (“SUP”) brand Red Paddle Co, which was launched in 2009.
Red Paddle Co is the world’s only dedicated inflatable SUP brand. From a standing start six years ago, Red Paddle Co has grown to an 18% global market share of inflatable boards, with profits growing 60% in its last financial year to February 2015. It is sold in 55 countries through a growing network of distributors and sales agents, boasts annual sales in excess of £7m and employs 16 people in the UK.
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.
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.
The deal was introduced to Mobeus by Laura Shaw of BDO in Bristol. Bob Henry of Mobeus will be joining the board.
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.”