Mobeus in £4m round for Tushingham

Negotiations prior to the investment were initiated when BDO partner Laura Shaw approached Mobeus.

Tushingham now intends to prioritise its inflatable stand-up paddleboarding (SUP) brand Red Paddle Co. Established in 2009, the brand's presence in 55 countries has yielded more than £7m in revenues and an 18% global market share.

The deal represents Mobeus's fifth investment since the beginning of 2015. The GP, which added Chris Price and Richard Babington to its partnership in early July, has so far deployed £25m of capital.

Notable transactions include the MBO of publishing and events agency Media Business Insight in February and the acquisition of expanded polystyrene (EPS) businesses Jablite and Styropack from Gilde's Synbra Group in April.

Company
Tushingham Sails was founded in 1977 by Olympic Squad member Roger Tushingham. Headquartered in Halwell Totnes, Devon, the business first focused on the windsurfing market and gained further market share in the 1990s. In 2009, SUPs were added to the company's offering as the Red Paddle brand was launched.

People
Mobeus was represented by investment manager Greg Blin. Mobeus partner Bob Henry will be joining Tushingham's board. Roger Tushingham founded Tushingham Sails and is the business's current CEO.

Advisers
Equity – Michelmores, Stephen Moore, Henry Taylor, Sarah Mitchell (Legal); Isca Ventures, Guy Eggleton, Peter Doe (Financial due diligence); Fairgrove Partners, Paddy Woods Ballard, Leo Bradshaw (Commercial due diligence); Vista Insurance Brokers, Gavin Ruben (Insurance due diligence); RobertsonHare, Kathryn Roberston (Tax).
Management – Clarke Willmott, Simon Thomas, Robert Ridd (Legal); BDO, Laura Shaw, Ricki Critchell (Corporate finance).

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