Expanding Castore plans $200m fundraising - report
There are no signs Castore’s expansion ambitions are anywhere near satisfied. The fast-growing British sportswear producer/retailer is aiming to raise around $200m to fund further expansion.
The business is understood to be in talks with investors about the fundraising, according to Sky News, with City sources saying Castore had appointed Rothschild to advise it on the process.
Initial talks with prospective investors have already begun ahead of a formal process later this year, they said. However, Castore has so far declined to comment.
One source speculated it was likely to seek a £1 billion+ valuation with a medium-term market flotation as it expands. One insider said the company was likely to make profits of about £30m this year.
News of the latest fundraising comes just five months after raising £50 million from a consortium of banks including HSBC, BNP Paribas and Silicon Valley Bank to expand further and compete with industry giants including Adidas, Nike and Puma.
In a busy two years it has secured a string of kit deals with major sporting brands across several categories. There are already Premier League teams including Newcastle United, Aston Villa and Wolverhampton Wanderers. The brand is also building a presence in sports such as cricket with the England team, Formula One, with the McLaren team, as well as international rugby.
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