Fast growing Nike licensee backed by private equity investor
Zelus, Nike’s exclusive authorised licensee for team sports, has received investment from private equity investor Sullivan Street Partners.
Wilmslow based Zelus specialises in the design, development, manufacturing and e-commerce fulfilment of customised sports apparel and equipment for professional and grassroots teams globally.
The amount paid hasn’t been disclosed, but last year Zelus made statutory losses on soaring turnover of £49m, a 157% increase, but also recorded positive EBITDA for the first time since the business was founded as a spin off from Dewhurst Clothing in 2019.
Layton Tamberlin, Co-Founder and Managing Partner of Sullivan Street said the investment will “accelerate and support Zelus’ ambitious growth plans” to strengthen Zelus’ position in the sports apparel market.
He added: “Together with Zelus’ management team, we look forward to equipping more teams and athletes with top quality products, from local pitches through to professional stadiums.”
The Rickitt Mitchell team including Neil Mitchell and James Kidner advised the shareholders of Zelus on securing the new investment from Sullivan Street.
Neil Mitchell, partner, told TheBusinessDesk.com: “Sullivan Street will be a great fit for Dave Seales and the team at Zelus, and there appears to be a real growth story in the sport sector right now.”
Lawyers from Addleshaw Goddard advised Zelus Sport, led by Roger Hart and included Ben Davies, Dan Rathbone, Lucy Harnett, Rose McEwan and George Danczak.
