The Myers Family Office has recently acquired the Red Paddle Co from Tushingham Sails in a deal worth £20 million. This stake was sold to Myers by equity investors Gresham House Ventures after the company had yielded a 5x return on its £4 million original investment in 2015.
Founded in 1977 by Roger Tushingham, Tushingham Sails is headquartered in Devon and is a water sports equipment manufacturer and distributor known for their windsurfing sails and Red Paddle Co paddle boards. The company serves a global clientele of 1000 leading retailers and schools. Red Paddle Co is also partnered with John Lewis to stock its broader water sports products and is a market leader in stand-up paddleboards.
The deal was overseen by the corporate advisory team of Browne Jacobson, corporate partner Richard Cox, senior associate Sam Sharp, associate Sian Harrison and partner Andrew Noble who oversaw the corporate taxes involved in the transaction.
The acquisition was supplemented with the purchase of Vian Marketing, the holding company for Tushingham Sails to further boost Red Paddle Co’s expansion plans.
‘Myers Family Office’s Acquisition of Red Paddle Co’- Giulia Di Palma, Global Legal Chronicle