Sullivan Street Partners’ Investment in “The Wave” Water Park
BDB Pitmans represented Sullivan Street Partners (SSP) in its investment in “The Wave”, a water park based in Bristol, in return for a majority stake in The Wave Group.
A leading London-based investment firm, SSP was founded in 2010 by Layton Tamberlin and Richard Sanders and invests in a range of products with the aim of furthering business enhancement and corporate development. Through its investment in The Wave Group, along with additional private capital provided by Jar Wave and Jar Real Estate, SSP hopes to boost the business’s profitability. Part of the new funding from SSP is slated for use in developing the water park and building additional UK sites.
The Wave was first designed by founder Nick Hounsfield and CEO Craig Stoddart to help individuals improve their health and wellbeing through surfing. The Wave is based close to the M5 on the edge of Bristol and provides a year-round 180-metre inland surfing experience to people of all ages and abilities. The park’s technology enables it to generate up to 1,000 quality waves per hour that range from 50 centimetres to almost 2 metres in height every 8-10 seconds.
BDB Pitmans advised SSP with a team led by corporate partner Nick McCarthy, with support from partner Philip Lamb and tax partner Alex Barnes, as well as senior associate Daniel King and solicitors Tom Lane and Zoe Symes.