Ice bath brand, Brass Monkey, based in Yorkshire, has sold a significant minority stake to a private family office in order to fund rapid expansion.
Pitalia Capital, the Bolton-based private office of the Pitalia family, which focuses investments in the wellness and healthcare sector, invested in the business after founder Anil Pitalia himself became a convert to Brass Monkey ice baths.
The automated ice baths, which retail for around £15,000 on average, have been sold to numerous high-profile customers, including professional athletes and celebrities, as well as exclusive spas and gyms.
Based in Tadcaster, Brass Monkey currently employs 22 staff to manufacture the hand-built wellness and fitness treatment equipment using their patented ice-making technology, and are set to double their workforce in 2023.
The business, which was founded by brothers Dan and Dale Bosomworth, grew turnover by 600% in its first year of trading, and is forecast to deliver a further 400% growth in the current financial year, underpinned by a strong order book.
“We have seen incredible growth since we launched the business two years ago, from prototyping in a garage to shipping around the world. We are pleased to have an investment partner to bring fresh perspectives and keep our horizons lifted for our next phase of growth,” said founder Dan Bosomworth.
“With Pitalia onboard we can continue to expand, through new manufacturing facilities, larger teams and new markets, as well as doubling down on our R&D. Our mission to help the world safely get their cold on feels more achievable than ever before.”
John Davies, managing partner at Pitalia Capital, said: “Brass Monkey has a great advantage in a rapidly growing sector, with some compelling IP in terms of both technology and a great established brand known for its design and quality.
“The Middle East and North American markets are huge opportunities for the business to continue its rapid growth, and we were keen to be involved in the next stage of this remarkable period of expansion.”
The global re-emergence of cold water immersion and therapy has gained traction in recent years, led by pioneers such as extreme athlete Wim Hof, and is believed to have multiple physical and mental benefits including improved immune system, mood and metabolism.
Sarah Harrison of Clarion, who advised Brass Monkey management on the transaction, added: “This is a remarkable Yorkshire success story. The founders’ passion for mental and physical wellbeing, and what started as a hobby in Covid, has become a serious business, establishing Brass Monkey as one of the global leaders in the market.
“The investment by Pitalia certainly fits with their ethos and together they will have the resources to meet the existing demand and take the brand overseas and into the commercial spa and gym markets.”
Other advisors included Jonathan Gillow at Hill Dickinson, Patrick Morris at Fairhurst Accountants who advised on tax. Cowgills provided financial modelling.
The need for a new 18,000 sq ft manufacturing facility will see the business relocate in Q2 2023, and the company anticipates hiring 20 new staff between now and December.
