Posted on 10 Jun 2022
Michelmores transaction named Deal of the Year at Insider South West Dealmakers Awards 2022
Michelmores' Corporate team has been recognised for its work on the sale of the South West based Red Paddle Co, which was named winner of the Deal of the Year (more than £25m) category at the Insider South West Dealmakers Awards 2022.
The team acted for the shareholders of Vian Marketing Limited, the holding company for Tushingham Sails, best known for its Red Paddle Co brand, on its sale to the Myers Family Office.
The deal was led by Corporate Partner Henry Taylor, alongside Senior Associate, Francesca Hubbard (Corporate), David Thompson (IP) and Anthony Reeves (Tax).
Michelmores acted on the original 2015 investment by four Mobeus VCTs into the business, and this latest deal included the VCTs (who are now managed by Gresham House Ventures) fully realising their investments.
Since 2015, the group has nearly doubled its revenue, seeing consistent growth of its brands Red Paddle Co and Red Original.
Tushingham Sails was founded in 1977 by Roger Tushingham to manufacture and distribute water sports equipment.
Commenting on the win, Henry Taylor said:
"We are delighted to be recognised for our work on this deal and are proud to have supported the business on its growth journey for a number of years. We look forward to seeing more great things from the Red Paddle Brand and the brilliant team behind it".