Nigel Wray acquires major stake in Hy-Pro International
Serial entrepreneur will join as chairman of sporting goods firm
Entrepreneur and investor Nigel Wray has acquired a 44% equity stake in sporting goods business Hy-Pro International, in order to pursue a strategy of aggressive growth for the firm.
Wray will join as chairman of the UK-based firm, which sells proprietary and licensed sporting goods such as skateboards, footballs and bikes.
The business has seen rapid growth in the last ten years, acquiring licenses for high profile football clubs and brands such as Manchester United, Chelsea and the Champions League and expanding its business into the Far East with the establishment of Hy-Pro Asia.
Hy-Pro has enjoyed particular success with its proprietary ‘Zinc’ brand of skateboards, scooters and bikes, claiming it has become one of the leading global brands in the field.
Nigel Wray is the chairman and major shareholder of Saracens Rugby Club and has previously invested a number of successful ventures, such as Domino’s Pizza.
Under the terms of the deal existing chief executive Atul Shah will remain in his position in chief executive as the firm looks to continue to pursue its strategy of aggressive growth into overseas markets.
Atul Shah said: “We are delighted to have Nigel on board. He will add significant value to the growth proposition moving forward.
“Nigel’s approach and superb investment track record convinced us that he is the right partner to join our management team and for the growth of our business.”
Nigel Wray added: “Atul and the team have built an impressive business encompassing highly successful intellectual property which is being taken up strongly across UK and International markets.
“It is a very exciting time to get involved with Atul and the team and I have no doubt that Hy-Pro will continue to expand into new customer bases and territories.”