Nobull, which earlier this year replaced Reebok as CrossFit’s sponsor, has secured an investment from Exeter Capital, a Boston-based private equity firm. The transaction will support its growth strategy globally.
Nobull, founded in 2015 by Reebok veterans Marcus Wilson and Michael Schaeffer, sells its footwear, apparel and accessories through its own website, permanent and pop-up stores and at events. The company recently announced a multi-year partnership as the title sponsor of the CrossFit Games and as the Official Footwear and Apparel Brand of CrossFit. Nobull has expanded its training offering into running, cycling and trail running and continues to expand into new sports.
“Nobull is a brand for people who train hard and don’t believe in excuses,” said Wilson. “We look forward to our partnership with Exeter as we expand into new categories and geographies around the world. The team at Exeter brings valuable expertise and experience helping footwear and apparel brands grow.”
Nobull has signed sponsored athletes, including Tia-Clair Toomey-Orr, four-time Fittest Woman on Earth, and Caeleb Dressel, Olympic gold medalist swimmer. Many of the sponsored athletes were Nobull customers before their sponsorships. Over 300 non-sponsored pro athletes train in Nobull, including players in the NFL and NHL, despite the brand not having cleats or skates.
“Exeter proactively pursued an investment in Nobull because of its authentic and differentiated brand,” said Steven J. Collins, founding team member and managing director at Exeter Capital. “We are excited to partner with Marcus and Michael to help them further accelerate Nobull’s growth as the brand continues to expand beyond footwear and push into additional sports.”
According to Steven M. Tadler, founding team member and managing director at Exeter Capital, “Nobull has a very diverse customer base as well as an incredible global reach despite limited international resources to date.” Julia Adam, founding team member and Principal at Exeter Capital said, “We are eager to support the management team as it continues to propel the brand in its vast addressable market.”
In connection with the transaction, Collins will join the Nobull Board of Directors and Adam will become a Board Observer.
Ropes & Gray and Houlihan Lokey advised Exeter on the transaction. Mintz Levin, PC served as legal counsel to Nobull.
Photo courtesy Nobull
