According to CMDsport, the holding company Backspin Capital Investments has acquired Padel Nuestro and appointed a new CEO, Iñigo Colomina Fajardo, who is the chief executive of Colomina Investments of Madrid. The Spanish pádel retailer’s founders – Ismael Cancho Lozano, José Ignacio Simón Marín and Pascual López Cuadra – signed the deal on June 8 and have yielded control to Colomina Investments, although they will remain non-executive advisors to the retailer for the next five years. The parties have not disclosed a sales price.
Colomina Fajardo is the founder also of GTAK Capital, which has investments in about 18 tech start-ups, mostly in Spain, and maintains offices in Madrid and Mexico City. In February, as CMDsport reported, GTAK acquired all of GoFit’s shares in Trainingym, which has developed a fitness app for the corporate and home markets. The purchase provided Trainingym with €10 million to fuel an expansion in Latin America and the U.S.
As we noted in May, Padel Nuestro had been seeking investors to drive an international expansion of its own, especially after negotiations for the sale of a majority stake to Signa Sports United, owner of Tennis-Point, fell through. Those negotiations had extended from sometime last year to this past April.
The new owners are planning to pursue Padel Nuestro’s expansion in Sweden and Italy, which calls for new franchises and corner shops in pádel clubs. The retailer is also moving into the Netherlands and Belgium. At present, there are 59 Padel Nuestro points of sale, comprising 24 franchises in Spain, five in Italy, six in Sweden and three in Portugal, along with shop-in-shops operating inside three Intersport stores and 18 Padel Nuestro Express shops.
Annual sales amounted to €37.5 million in 2020. Sales have been record-breaking in the first four months of 2021 and could reach €50 million by year’s end.
