NOBULL Receives Major Investment From Beverage Mogul Mike Repole
The Morning Chalk Up learned today that beverage industry mogul, Mike Repole announced that his investment firm, Impact Capital, would be purchasing a majority stake in NOBULL.
One big thing: This is significant for the brand, which has experienced a number of turbulent shifts over the past several months. This purchase not only brings further legitimacy to the brand but has also presented the opportunity of a possible IPO.
Remind me: Founded by former Reebok executives, Marcus Wilson and Michael Schaeffer, in 2015, NOBULL has grown to be one of the largest footwear brands in the sport of fitness and has even expanded its reach into other major sports such as the NFL and the PGA Tour.
- In March of 2021, NOBULL and CrossFit announced a 3-year deal not only as the title sponsor of the CrossFit Games but also the Official Footwear and Apparel Sponsor of CrossFit as well.
- In the last several months, the Crossfit Games premiere sponsor, NOBULL has undergone a number of changes, including laying off a significant portion of their staff just before the first week of Semifinals, as well as the resignation of their long-time CMO, Todd Meleney this past May.
- While these changes have left many fans questioning the future of NOBULL, today’s announcement places NOBULL back into a position of strength in the market.
The details: While the full scope of the deal has yet to be disclosed, in an interview with CNBC, Repole has revealed that this investment will be his largest to date.
- The 54-year-old billionaire is perhaps best known for co-founding Glaceau, the brand that created the popular drink Vitaminwater.
- He’s also known for turning BODYARMOR into a household name.
- Both brands were sold to Coca-Cola for close to $10 billion.
- Repole’s experience in turning brands into household names could not only help to propel NOBULL forward into a billion-dollar brand but could also help to take the company public in an IPO, as Repole revealed in an interview with CNBC.
- “If we want to build this big multi-billion platform … taking this public I think is going to be the best way to go about it,” he said.
What they’re saying: Speaking with CNBC, Repole revealed that he has been passionate about the brand and has seen its potential for a while.
- He initially reached out to the brand’s founders over a year ago and while his initial offer went ignored, he continued to be persistent, eventually earning himself a conversation about two months ago.
- “I’ve always been a huge fan of NOBULL and their ‘no b.s.’ mentality, but I’m more impressed with Marcus and Michael’s vision, the passionate fanbase, and the multi-billion dollar potential of the brand,” said Repole in a quote to Morning Chalk Up.
- “I’m excited to join the team and look forward to the journey ahead as we partner to accelerate the momentum,” he continued.
For founders Wilson and Schaeffer, this unparalleled opportunity is one that aligns perfectly with their vision for the brand.
- “Michael and I launched NOBULL in 2015 with the shared pursuit to be better every day,” says Marcus Wilson, NOBULL Co-Founder.
- “Fast forward to today, and we continue to share that collective pursuit of better with our growing community, who have helped NOBULL grow into a recognizable brand,” he continued.
- “We’re proud of how far we’ve come, and we know this is just the beginning. We’re absolutely thrilled to welcome Mike Repole as a like-minded partner who will help us reach a new pinnacle in our brand’s history,” Wilson concluded.
The bottom line: This investment is a major business opportunity for NOBULL. An investor like Repole not only brings in opportunities for financial growth but also other business elements, such as operational excellence.
Beyond the brand of NOBULL itself, this also provides an incredible opportunity for the brand of CrossFit to grow substantially alongside its title sponsor.
An investment as large as this provides legitimacy not only to NOBULL as a brand but also to CrossFit as a sport and the industry that CrossFit has created, especially around apparel. While the deal is still in its infancy, it presents an exciting time for both NOBULL and the CrossFit ecosystem as a whole.