Vian Marketing, the holding company for Red Paddle Co, Red Original and Tushingham Sails, has been sold by Gresham House Ventures (GHV) to investment company Myers Family Office.
GHV had originally invested £4m in the business in 2015 via its Mobeus VCT to fund an equity release for the founders and went on to support an MBO of the business by its current CEO John Hibbard and finance director Helen Shears. Moebeus VCT has generated a multiple of close to 5 times its investment through the completion of the sale.
The business has delivered strong growth, achieving annual sales north of £20 million in its most recent financial year, selling online to customers in around 60 countries, and extending its distribution to mainstream retailers including John Lewis, as the stand-up paddleboard market has expanded.
Clive Austin, managing director VCT portfolio at Gresham House Ventures said: “Our investment in Vian Marketing supported the transition from founder management and the continued development of the Red Paddle Co and Red Originals brands, helping to cement Red Paddle Co’s position as the leading premium brand in the stand-up paddleboard market globally.”
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