BDB Pitmans acts for leading investment firm Sullivan Street Partners on private equity injection for water park
Top UK law firm, BDB Pitmans, has acted for leading investment firm, Sullivan Street Partners (SSP), on its private equity investment in to Bristol-based water park, “the Wave”. SSP made its investment in return for a majority stake in the Wave Group.
By putting private capital into The Wave Group alongside existing third party funds from Jar Wave and Jar Real Estate, SSP aims to further increase the profitability of the business. It is expected that part of SSP’s investment will be used to develop the existing Wave park and build further sites across the UK.
London-based SSP was founded in 2010 by Layton Tamberlin and Richard Sanders; the organisation invests in various projects with a view to long-term corporate development and business enhancement.
Founder, Nick Hounsfield and CEO, Craig Stoddart, came up with the idea for The Wave as a means to provide a space for people of all ages, abilities and backgrounds, to get active. The Wave is designed to help individuals find new ways to boost their health and wellbeing through surfing.
The Wave is an inland surf experience that allows people to surf all year round, without travelling to the sea. Located on a beautiful rural site on the edge of Bristol, close to the M5, the Wave offers a 180m surfing experience, suitable for everyone from beginners to professionals. The Wave uses ground-breaking technology which can generate up to 1,000 quality waves per hour in the lagoon, ranging from 50cm to almost 2m in height every 8-10 seconds.
BDB Pitmans’ team was led by corporate partner Nick McCarthy with support from partner Philip Lamb, senior associate Daniel King, solicitors Tom Lane and Zoe Symes and tax expertise from partner Alex Barnes.
Lead partner Nick McCarthy commented: