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The Wave Group

Status

Current

Situation

Development Capital

Sector

Leisure

Headquarters

Bristol, UK

Investment Date

May 2022

The Wave Group is a world leader in building and operating surf parks. 

About The Wave Group

The Wave Group is a UK based, leading inland surf park operator and a first mover in this highly attractive leisure vertical. The business opened its first 70 acre site in Bristol in 2019 which alongside providing an unmatched surfing experience for all abilities offers a breath of premium amenities to enhance customer experience. Over the next 5 years the Business aims to open several new sites across the UK and potentially overseas, leveraging its partnership with surf technology provider WaveGarden.

Sullivan Street has helped The Wave Group
  • Simplify its governance and reporting structure to add focus to key priorities.
  • Professionalise in-house functions and clarify roles and responsibilities to maximise the effectiveness of finance, marketing, and customer experience teams.
  • Provide significant funding package to pursue a high return on capital, multi-site rollout.
  • Support the Business with its ESG goals of becoming a net zero organisation and a supporter of adaptive sports.
The Opportunity

Sullivan Street has been closely following the UK leisure space given the prevailing macro tailwinds toward the growing proportion of discretionary spending directed at experiences and a long-term trend supporting UK based short breaks. The business has several highly attractive attributes, all within an asset which has moved early enough in a nascent market to take centre stage. There is enormous upside within the current site and huge potential through expanding the Group into a multi-site leisure operator. Sullivan Street will support and augment the management team to deliver their strategic aims to become a leading operator in the active leisure market.