British sportswear brand Castore has raised $57.6 million, valuing the company at $864 million.
Backed by three-time Grand Slam winner Andy Murray and Pure Gym co-founders Peter Roberts and Brian Scurrah, Castore will use the funding round to improve its financial flexibility as it provides the company with more liquidity while maturing committed debt facilities.
- Castore has raised the capital through a revolving credit facility, which has an initial maturity of three years.
- Banks HSBC, BNP Paribas, and Silicon Valley Bank are all part of the RCF.
- Castore has an option to extend the RCF by an additional year to $86.4 million.
Castore, which has 11 brick-and-mortar stores across the U.K., has established a presence in the sportswear industry through kit sponsorship deals in soccer, rugby, cricket, and Formula 1.
Last year, Castore secured a multiyear kit deal with the Premier League’s Wolverhampton FC for an undisclosed amount and with Newcastle United in a deal worth $6.9 million annually.
In May, it signed a deal with Aston Villa to be its kit supplier starting from the 2022-23 season.
Castore is the team kit provider for F1’s McLaren Racing and it also has a multiyear deal with England’s men’s and women’s national cricket teams worth $34.6 million over 10 years.
Castore is projected to report $23 million in EBITDA in FY2023, co-founder Tom Beahon said. The company is also estimated to have a turnover of $230 million in the fiscal year.