Company which flopped in Dragons’ Den is sold for £12m
A company that was branded as worthless when its founder appeared on Dragons’ Den has been sold for £12m.
Trunki, the Bristol-based firm which invented the children’s suitcase, has been sold 17 years after Rob Law had his idea ripped apart on the TV programme.
Magmatic, the holding company behind Trunki, been sold to e-commerce specialist Heroes.
And according to media reports Law is set to make £7m from the deal.
The 45-year-old from Bath, was told his idea for Trunki was worthless by investor Peter Jones but was proved spectacularly wrong.
Law bounced back from the humiliation and went on to see his product sold in outlets across the world.
He went on to develop a series of other travel products for children, including the Boostapak – a car booster seat that doubles up as a backpack.
By 2013 Law had sold two million trunkies and he sold a stake of the company to the investment fund BGF.
Heroes has said it is planning to support Trunki’s growth, investing heavily in the North American market and further expansion in Europe.
Heroes is backed by institutional investors including 360 Capital, Fuel Ventures, D4 Ventures, DIP Capital and Upper90 as well as several well-known business angels.
Alessio and Riccardo Bruni, Heroes co-founders, said: “We are extremely excited for Trunki and the team to join the Heroes family and embark on the next journey together.
“The acquisition will further strengthen our core focus in the baby and children category and gives us further expansion into retails and worldwide distribution.”
Rob Law, Trunki founder and chief executive, is staying on to manage the business.
He said: “It became apparent after the first few discussions that Heroes was the right buyer for Trunki.
“The Bruni brothers’ vision for the brand was far more ambitious and creative than what other buyers presented.
“Whilst Trunki has been around for over 16 years, we couldn’t be more excited for the next chapter of our journey”.
Alessio and Riccardo Bruni, Heroes co-founders, said: “We are extremely excited for Trunki and the team to join the Heroes family and embark on the next journey together.
“The acquisition will further strengthen our core focus in the baby and children category and gives us further expansion into retails and worldwide distribution.”
Rob Law is staying on to manage the business.
He said: “It became apparent after the first few discussions that Heroes was the right buyer for Trunki.
“The Bruni brothers’ vision for the brand was far more ambitious and creative than what other buyers presented.
“Whilst Trunki has been around for over 16 years, we couldn’t be more excited for the next chapter of our journey”.
Burges Salmon has advised Bristol-based children’s travel products business Trunki on the sale of its Magmatic business to e-commerce firm Heroes.
Trunki has a wide range of products designed to make travelling with children fun and enjoyable, and was established by Rob Law. The brand became well-known after its Trunki Ride On Suitcase featured on the UK television series Dragons’ Den in 2006.
Heroes is a UK-based e-commerce company that acquires, operates, and scales consumer brands in the baby, children and maternity sectors. It has acquired over 30 brands since being founded in 2020. Heroes has said that it plans to support Trunki’s growth, investing heavily in the North American market along with further expansion in Europe.
Amy Carr
A Burges Salmon team advised Magmatic on the deal and was led by senior associate Amy Carr, alongside partner Richard Spink, senior associates Neil Connor-McLaren and Shachi Nathdwarawala, and associate Chris Doherty, all from the firm’s Corporate team.
Amy Carr said: “We’re really pleased to have advised Rob and the Trunki team on this milestone transaction. We helped BGF on its original investment into Trunki so it is particularly pleasing to have been involved in this next stage of Trunki’s development. We wish Rob and the Heroes team every success in the next chapter of Trunki’s journey.”
Trevor Bell, Chairman of Magmatic Limited, comments: “We are very grateful to Amy, Richard and the rest of the Burges Salmon team for providing such great support on this significant step forward for Trunki. Heroes believed in our vision for the brand and future product development, and our UK manufacturing supply chain, whilst having the infrastructure to grow our US business. We are excited to have completed the deal.”
