The business was held in the Mobeus VCTs which were acquired by Gresham House in September this year. The VCTs have fully realised their investment generating a money multiple of almost 5x and 32% IRR.
In 2015, Mobeus invested £4m through its VCTs for an approximate 32% stake in Vian Marketing, the holding company of Tushingham Sails, funding an equity release for the founders. Mobeus later supported the management buy-out of the business by the current CEO and Finance Director, increasing its stake to approximately 50%.
Founded in 1977 by Roger Tushingham, Tushingham Sails is a water sports equipment manufacturer and distributor best known for its windsurfing sails and Red Paddle Co stand-up paddle boards, which are widely acknowledged as the global market leaders. Since the initial investment, the company has almost doubled its revenue and almost trebled its EBITDA, driven by the growth of Red Paddle Co and Red Original, its recently launched accessories brand.