Tadcaster-based ice bath brand, Brass Monkey, has sold a significant minority stake to a private family office in order to fund rapid expansion.
Pitalia Capital, which focuses investments in the wellness and healthcare sector, acquired the seven-figure stake in the business after founder Anil Pitalia himself became a convert to Brass Monkey ice baths.
The automated ice baths, which retail for around £15,000 on average, have been sold to high-profile customers, including professional athletes and celebrities, as well as exclusive spas and gyms.
Brass Monkey currently employs 22 staff to manufacture the hand-built wellness and fitness treatment equipment using its patented ice-making technology and is set to double its workforce in 2023.
The business, which was founded by brothers Dan and Dale Bosomworth, grew turnover by 600% in its first year of trading.
It is forecast to deliver a further 400% growth in the current financial year, underpinned by a strong order book.
Bosomworth said: “We have seen incredible growth since we launched the business two years ago, from prototyping in a garage to shipping around the world.
“We are pleased to have an investment partner to bring fresh perspectives and keep our horizons lifted for our next phase of growth.
“With Pitalia onboard we can continue to expand, through new manufacturing facilities, larger teams and new markets, as well as doubling down on our R&D.”
John Davies, managing partner at Pitalia Capital, said: “Brass Monkey has a great advantage in a rapidly growing sector, with some compelling IP in terms of both technology and a great established brand known for its design and quality.
“The Middle East and North American markets are huge opportunities for the business to continue its rapid growth, and we were keen to be involved in the next stage of this remarkable period of expansion.”
Sarah Harrison of Clarion, who advised Brass Monkey management on the transaction, added: “This is a remarkable Yorkshire success story.
“The founders’ passion for mental and physical wellbeing, and what started as a hobby in Covid, has become a serious business, establishing Brass Monkey as one of the global leaders in the market.
“The investment by Pitalia certainly fits with their ethos and together they will have the resources to meet the existing demand and take the brand overseas and into the commercial spa and gym markets.”
The need for a new 18,000 sq ft manufacturing facility will see the business relocate in quarter two 2023, and the company anticipates hiring 20 new staff between now and December.
Other advisors included Jonathan Gillow at Hill Dickinson and Patrick Morris at Fairhurst Accountants who advised on tax. Cowgills provided financial modelling.
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