Mobeus invests £5m in Wetsuit Outlet

The new funding will be used to expand into the US and enter the equestrian and field sports markets.

Mobeus said in a statement it was attracted to the company's growth rate of 30% over the last three years.

Wetsuit Outlet joins outdoor sports brand Tushingham Sails in Mobeus's portfolio after the GP's £4m investment in the latter in 2015.

Company
Founded in 2009 and headquartered in Essex, Wetsuit Outlet is an online retailer of wet and dry suits. It trades in 160 countries and stocks brands such as Musto, Gill, Billabong and Rip Curl. The company recorded sales of £8.6m in 2016, up from £6.5m in 2015, with gross profit of £3m, up from £2.7m in 2015. It employs 25 people.

People
Mobeus Equity Partners – Bob Henry (partner).
Wetsuit Outlet – Ian Homan (CEO).

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• Topics
• Expansion
• UK / Ireland
• Consumer
• Mobeus Equity Partners
• Venture
• United Kingdom