Castore, the privately-owned sports clothing brand, has sold a £175 million stake to US investors.
Brothers Tom and Phil Beahon, the Manchester-headquartered company’s co-founders and co-chief executive officers, sold the shares to a private equity fund owned by merchant bank Raine Capital as well as venture capital firms Hanaco Ventures and Felix Capital.
The exact percentage of the stake sold wasn’t confirmed but last year it was revealed the company was valued at £750 million after it secured bank debt.
“This investment will give us the financial firepower to invest in our supply chain and enhance our data analytics capabilities,” the tricenarian brothers said in a statement.
“There is huge demand out there for Castore and this will enable us to continue to deliver great products, service and choice to our sports industry partners and consumers, and to take on the established players in the global sports apparel market.”
Castore was created in 2016 with a £25,000 loan from the brothers' parents, who remortgaged their houses, and has since garnered kit deals with football teams like Newcastle United, Aston Villa, Sevilla and Wolves.
It has also partnered with Mclaren’s F1 team, Andy Murray, the England cricket team, boxer Joe Joyce and the Ineos Grenadiers cycling team, among others.
Asda owners the Issa brothers were among the earliest investors in the company and were widely reported as being the largest external investor prior to the US firms’ share purchases.