ISIS Equity Partners has bought inov-8, a technical sports trainer maker that counts English adventurer Bear Grylls as one of its customers, in a deal that also marks the London-based growth investor’s last investment from its fourth fund.
The firm, whose notable investments include Wiggle, the online bicycle retailer sold at the end of last year to British mid-market major Bridgepoint, will support the company’s expansion into new markets, it said.
Founded in 2003, inov-8 is a performance sportswear brand primarily focused on technical off road running, functional fitness and minimalist road running products. The business sells to customers in 58 countries.
The company’s footwear is designed to keep the wearer’s foot close to the ground when performing so athletes can feel and adapt to the terrain beneath them allowing for improved proprioception and performance, it added.
Financial terms of the deal were not disclosed.
ISIS recently beaten a tough fundraising market and closed its fifth buyout fund on £350m – its biggest fund to date.
The fund’s predecessor, ISIS IV, closed in November 2007 with commitments of £238.5m after hitting the fundraising trail in November the previous year, exceeding its £200m target. The vehicle included a £3.5m commitment from the ISIS team.
Copyright © 2012 AltAssets