Law firm Hill Dickinson has advised Pitalia Capital on its acquisition of a significant minority stake in the fast-growing UK ice bath manufacturer Brass Monkey.
Pitalia Capital is a private family office in Bolton, Lancashire, that focuses on investments in the wellness and healthcare sector. The deal came about after company founder Anil Pitalia became a convert to Brass Monkey ice baths, which the Yorkshire headquartered company sells worldwide, including to a number of high-profile professional athletes and celebrities.
Jon Gillow, Hill Dickinson corporate partner, advised Pitalia on the deal. He said:
“We were pleased to act on behalf of Pitalia Capital in securing a significant minority interest in Brass Monkey. The cash injection comes at exactly the right time for the fast-growing ice bath manufacturer, which has seen its order book surge in the two years since Brass Monkey was founded. The investment will facilitate growth of the business, which is now poised to move into new manufacturing facilities, invest further in R&D and target new markets.”
John Davies, managing partner at Pitalia Capital, added:
“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.”
Brass Monkey, which currently employs 22 people, is set to relocate its operation to a larger manufacturing base in Q2 2023 and expects to recruit an additional 20 staff by December.
The business, which was founded in March 2021 by brothers Dan and Dale Bosomworth, grew turnover by 600 per cent in its first year of trading, and is forecasting further 400 per cent growth in the current financial year, underpinned by a strong order book.