Michelmores’ London Corporate team has advised Europe’s largest online water sports retailer, Wetsuit Outlet (the trading brand for B2C Distribution), as it secured growth capital of £5m from Mobeus Equity Partners, a leading equity investor in UK-based SMEs.
Headquartered in Shoeburyness, Essex, Wetsuit Outlet was founded 13 years ago by keen water sports enthusiasts, Ian Homan and Peter Thompson. The business now sells technical clothing and equipment into over 160 countries, offering premium brands such as Quicksilver, Musto, RipCurl, Billabong, Red Paddle, and GUL, and has experienced growth of more than 30% in each of the last three years.
The growth capital will enable the company to increase its share of the global water-sports market and to further expand into the USA. It also enables a move into other niche markets such as equestrian and field sports using the company’s online platform.
The investment facilitated an exit for co-founder Peter Thompson, with Ian Homan putting together a new management team to take the company forward – led by Ian, the team will include Peter Davies, Chairman of Mint Velvet, as Non-Executive Chairman.
Michelmores advised Wetsuit Outlet with a team led by Harry Trick (Picture).
Involved fees earner: Harry Trick – Michelmores LLP;
Law Firms: Michelmores LLP;
Clients: Wetsuit Outlet ;