Posted: 12/02/2020
Leading law firm Penningtons Manches Cooper and business recovery specialist BM advisory have been working together to preserve the business of the renowned obstacle and mud race Tough Mudder in the UK, advising on the acquisition of the business and assets of Tough Mudder UK to US rival Spartan. The sale was confirmed today.
The deal means that Tough Mudder UK, which appointed Mike Solomons of BM Advisory as administrator at the end of January, can continue to prepare for the launch of its 2020 season in April.
“We’re proud to welcome Tough Mudder UK to the Spartan brand umbrella,” said Spartan Founder and CEO Joe De Sena. “The company’s dedicated team has built an incredible, passionate community and we’re excited to support their efforts to transform lives into the future.”
As part of the terms of the deal, Tough Mudder UK becomes a wholly owned subsidiary of Spartan. The company will be operated by the existing Tough Mudder UK London-based team, led by Managing Director Giles Chater and global CEO Kyle McLaughlin. Tough Mudder Germany will continue to operate from the UK office as a potential acquisition is discussed.
“Spartan’s dedication to OCR, transformation and community is exactly what we need to persevere and we could not be happier with the acquisition,” said McLaughlin. We’ve been impressed with strong sales in Europe over the past couple of weeks and know that our community will share our excitement about the news heading into the 2020 Tough Mudder race season.”
Matt Martin, partner and head of the corporate team at Penningtons Manches Cooper, said: “We’re delighted to have reached a deal with Spartan that ensures the much-loved Tough Mudder brand continues to thrive in the UK. It has been a pleasure to work with BM Advisory and the Spartan team and we wish the combined business every success in the future.”
As part of the terms of the deal, the Tough Mudder UK business will operate as OCR UK Holdings Limited, a wholly owned subsidiary of Spartan. The company will be operated by the existing Tough Mudder UK London-based team, led by Managing Director Giles Chater with the guidance of former global Tough Mudder CEO Kyle McLaughlin. Between the two brands, Spartan will host 17 events in the UK and Ireland in 2020, drawing more than 250,000 participants. Tough Mudder Germany will continue to operate under the terms of a management agreement with Spartan.
“Spartan’s dedication to wellness, endurance sports, transformation and community is exactly what we need to deliver our vision and we could not be happier to join their family of brands,” said Chater. “We’ve been impressed with strong sales in Europe over the past couple of weeks and know that our community will share our excitement with this news heading into the 2020 Tough Mudder season.”
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