Professional services firms support sale of Red Paddle

14 December 2021 2 min. read
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£20 million business Red Paddle Co. has been purchased by the Myers Family Office. The deal was supported by five professional services firms.

Red Paddle Co. has been making inflatable paddle boards since 2008. The business has delivered strong growth, driven by the globally-renowned Red Paddle Co brand and has almost doubled its revenue and almost trebled its EBITDA since the original investment.

Its premium quality products are now sold in over 60 countries via its website, retailers and distributors. As the stand-up paddleboard market has taken off in recent years, Paddle Co’s equipment is now carried by a number of mainstream retailers, including John Lewis & Partners.

Professional services firms support sale of Red Paddle

Having grown into a business with annual sales worth £20 million, Red Paddle Co. has become an increasingly attractive asset for investors. Gresham House Ventures invested £4 million in 2015 to fund an equity release for the founders, and later supported the management buy-out of the business by the current CEO and founder of the Red Paddle Co. brand John Hibbard, as well as finance director Helen Shears.

Now, the firm’s holding company, Vian Marketing, has been purchased by the Myers Family Office, injecting further funds into the company to fuel its expansion. Red Paddle Co.’s entrepreneurial management team will continue to lead the business post transaction.

Professional services firm Browne Jacobson’s corporate finance team advised the Myers Family Office, on its purchase of Vian Marketing. The Browne Jacobson corporate advisory team comprised of Corporate Partner Richard Cox, Senior Associate Sam Sharp and Associate Sian Harrison. Partner Andrew Noble advised on the corporate tax side of the transaction.

Sam Sharp commented, “We are pleased to have supported our client, the Myers Family Office, on this strategic investment which will allow Red Paddle Co to further grow its global profile.”

Meanwhile, shareholders of Red Paddle Co. were advised on the move by a South West-based Grant Thornton team. The group included Nick Jones, Anna Davies and the firm’s Head of Consumer Brands M&A, Nicola Sartori. Vian’s marketing team were also able to draw on the technical expertise of Grant Thornton’s SPA advisory team, led by Patrick O’Brien.

Nick Jones stated, “Red Paddle Co is widely recognised as the leading premium paddleboard brand and it’s been hugely impressive to see the continued international expansion as well as the successful development of the outdoor apparel and accessories offering. It is fantastic therefore to complete this transaction whereby John, Helen and the rest of the team remain fully involved going forward and we’re really excited to see them continue to grow this market-leading business.”

Other firms to advise Red Paddle Co.’s  shareholders included Henry Taylor and Francesca Hubbard of legal firm Michelmores as well as Clarke Willmott and accountancy Bishop Fleming.