British sportswear brand Castore has announced that it has secured growth investment in a funding round led by Raine Partners, the equity arm of The Raine Group. Hanaco Ventures and Felix Capital also participated in the investment through their respective growth funds. The £145 million (€169m) investment will allow Castore to continue to invest in its supply chain and enhance its data analytics capabilities. Rothschild & Co. is acting as the sole financial adviser to Castore on this transaction, while Allen & Overy and Addleshaw Goddard are legal advisors to the sportswear company. Latham and Watkins LLP acted as legal advisors to Raine.
Castore’s sales reached £66.2 million (€77.1m) for the year to January. Domestic sales jumped from £42.5 million (€49.5m) to £79.8 million (€92.9m). Sales in Europe rose from less than £1 million (€1.2m) to £25.3 million (€29.5m). North American sales rose from £1 million (€1.2m) to £3.1 million (€3.6m), while in the rest of the world they rose from £4.3 million (€5.0m) to £6.6 million (€7.7m). The company’s net profit nearly doubled from £6.5 million (€7.6m) in the previous year to £11.73 million (€13.7m).
Castore was founded in Liverpool in 2016 by brothers Tom and Phil Beahon. To date, the company has partnered with 50 franchises globally across football, tennis, motorsports, rugby and cricket. The Raine Group is a global strategic advisory and investment firm specializing in media, entertainment and sports, with headquarters in New York and offices in San Francisco, LA, London, Paris, Mumbai, Shanghai, Hong Kong and Singapore. Hanaco, based in New York and Tel Aviv, is a multi-stage investment firm that seeks to invest in entrepreneurs building technology-enabled category businesses across the U.S., Europe and Israel. Felix Capital is a London-based venture capital firm operating at the intersection of technology and creativity.
