EV invests in Trekmates
The Birmingham office of venture capitalist EV has secured a minority equity stake in Trekmates, the Nottingham-based outdoor brand. The investment is part of an £8.7m deal.
Additional debt facilities were provided by The Co-operative Bank.
Trekmates designs, sources and supplies outdoor clothing and accessories to over 500 retailers both in the UK and overseas.
The company will continue to be managed by its chairman, serial entrepreneur and former chief executive of Games Workshop, Chris Prentice, and group sales director Jonathan Clayton.
Prentice said: “We are delighted to have attracted EV as equity investors to support us in taking the business forward. We have achieved an enormous amount in developing our brand and markets over recent years and look forward to growing the business further alongside EV.”
Trekmates’ funding package and transaction was arranged by Simon Bursell of Dains Corporate Finance.
Debt facilities were provided by Neil Wade and John Murphy of The Co-operative Bank’s Nottingham Corporate Banking Centre.
John Murphy said: "The Bank is delighted to support another growing local business and to be working alongside EV as the equity provider. We were impressed by both the product and the company’s successful historic performance, which we believe will continue to be built upon".
Legal advice to the company was provided by HBJ Gateley Wareing. Pinsent Masons was legal adviser to EV. The Co-operative Bank was advised by Fraser Brown.
