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Singer Niall Horan is an investor in Gym+Coffee
Donal O'Donovan Twitter Email
July 21 2022 02:30 AM
Tommy Kelly and Roy Barrett’s Castlegate has sealed a third significant deal in a matter of months, leading a €17m investment in popular Irish athleisure wear brand Gym+Coffee,
The Gym+Coffee investment is also backed by West Ventures, a Palo Alto investment and marketing firm. The funds will support growth into new markets including Germany.
The business was founded in 2017 by Niall Horgan, Diarmuid McSweeney and Karl Swaine and now has 12 physical outlets in Ireland and the UK as well as its online site and over 200 staff.
The brand’s fashionable hoodies and training wear are as likely to be seen on the street as at the gym. The business has previously raised €4m in external investment and incumbent shareholders include pop star Niall Horan and Ireland rugby legend Brian O’Driscoll.
Kellie Harrington is a brand ambassador in line with a strategic appeal to women in particular.
Castlegate is headed by former Goodbody Stockbrokers managing director Roy Barrett.
The firm manages the family wealth of EShopWorld (ESW) founder Tommy Kelly, who last year sold his remaining 49.9pc stake in the online sales platform for fashion brands in a deal valuing the business at more than €1bn.
Mr Barrett set up the Castlegate structure after overseeing the sale to AIB of Goodbody Stockbrokers, where he was a significant shareholder.
In May Castlegate bought Sherry FitzGerald estate agents in a deal understood to be worth around €50m and it has also led a €21m funding round for Dublin-based IT security company CWSI.
Mr Barrett said Gym+Coffee is already an exciting brand with huge potential to be a global success.
“Their product is best in class and the passion they have for their community is unique and genuine.
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"We’ve been very impressed by the management team and their vision for the future, and we are delighted to help support them on the next stage of their journey,” he said.
Gym+Coffee was advised by Houlihan Lokey and Maples Group.
Castlegate was advised by Eversheds Sutherland LLP and KPMG.
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