Sportswear brand Castore sells stake to U.S. investors

Castore co-CEOs Tom and Phil Beahon “have sold” a US$183.1M stake in their “fast-growing sportswear brand” to American investors, according to Richard Tyler of the London TIMES. They raised the cash from a private equity fund run by the U.S. merchant bank Raine Group, and two firms called Hanaco Ventures and Felix Capital. The brothers “have not disclosed the size of the stake” that they have sold but said “it was valued at” US$946M. The brothers in a statement said, “This investment will give us the financial firepower to invest in our supply chain and enhance our data analytics capabilities. … 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.” The Beahon's set up Castore in 2016 and have launched kit deals with “50 major sports teams.” Castore “expects sales to more than double this year” (London TIMES, 11/30).