North West fitness brand Built For Athletes secures seven-figure equity investment from Liverpool SME funder River Capital. Tony McDonough reports
A fitness brand founded in 2018 by brothers Nick and Danny Costello has secured a seven-figure equity investment from Liverpool-based River Capital.
Based in Warrington, Built For Athletes designs “stylish, functional and durable backpacks” for fitness enthusiasts. It has seen rapid growth globally, distributing to more than 160 countries.
The business has collaborated with a number of high-profile ambassadors and sports organisations. These include the world’s strongest man Tom Stoltman the Alfa Romeo Formula One Team and German football giants Borussia Dortmund.
With further global brand partnership announcements imminent, Nick and Danny are confident for Built For Athlete’s continued growth across a variety of sports.
River Capital’s investment will support Built For Athletes in strengthening the product pipeline and expanding into new markets, as well as securing further strategic partnerships.
Formerly called Alliance Fund Managers, River Capital is a subsidiary of Merseyside Special Investment Fund. Last week it announced a new £8m loan fund to support SMEs in the North West and, in particular, Liverpool city region.
As part of the investment into Built For Athletes, the board has been strengthened with the appointment of Richard Styles as chairman. The founder of Kitbag, he offers experience in a range of high-growth private equity backed direct-to-consumer businesses.
Nick Costello said “The last three years have been a great period for us as we have grown the business and built brand equity and awareness with consumers across the world. We have a talented team who look forward to working with Mark (Borzomato) and River Capital to accelerate our growth ambitions.
River Capital chief executive Mark Borzomato, who alongside Jonathan Newton led the investment for River Capital, added “In a relatively short period and in difficult times, Nick and Danny have built a strong business and brand.
“It is already operating on a global scale and forging relationships with high profile global organisations. The underlying fitness market continues to grow, and we look forward to supporting the team as they expand the brand into new markets.”
Richard Higham, managing director and Ryan Niblock of Cleveland Scott provided BFA with corporate finance advice, with legal support for the management team provided by Mark Heppell at JMW Solicitors.
River Capital was advised by law firm Napthens, led by David Carr Hayley Brightmore-Cox and Erin Berry at Knight Transaction Services and Luke Freeman from Whitecap Consulting provided financial and commercial due diligence respectively.