Adanola founder considers stake sale to fund growth

Drapers understands Adanola has appointed advisers at professional services firm PwC to find prospective investors to accelerate its growth plans.

Tom Copeland, partner of corporate finance at PwC, is believed to be leading the sale process. Copeland previously advised Gymshark on its minority stake sale to private equity firm General Atlantic in 2020, which valued the brand at more than £1bn.

Owner and founder Hyrum Cook set up the women's fitness brand in 2015 and it has been on an upwards trajectory.

The business more than doubled its revenue and pre-tax profit to £57.1m and £18.9m respectively in the year to 31 March 2024. It was ranked 7th on the Sunday Times' list of Britain’s 100 fastest-growing private companies in July.

The brand's offer includes gym kit essentials from sports bras to its signature £39.99 Ultimate Leggings, alongside hoodies and casual outerwear.

Last April, Adanola appointed Niran Chana, former Gymshark's chief commercial officer, as CEO, to lead its international expansion. He played a pivotal role in Gymshark's deal with General Atlantic.

Adanola and PwC both declined to comment.