bd-capital, the pan-European, operator-led private equity firm, is pleased to announce the simultaneous investments into GreenSet and Padel Courts Deluxe. These companies have come together to form Rakit Group, bd-capital’s second investment in Spain.
GreenSet is the world leader and global reference for tennis hardcourt surfaces, represented at the Australian Open, Davis Cup, ATP Tour Finals, the Olympic Games, and many other leading tournaments, clubs and universities around the world.
Padel Courts Deluxe is a leading provider of premium padel courts, offering cutting edge design and innovative fabrication through its own manufactured products.
bd-capital has partnered with the teams at GreenSet and Padel Courts Deluxe with a single aim: to become the partner of choice and provider of the best playing facilities to the worldwide racquets industry.
Rakit Group growth is underpinned by both the exponential structural growth in the padel industry, being one of the fastest growing sports in the world, in parallel with the continued growth and increasing levels of quality and consistency required in tournament tennis.
Javier Sánchez-Vicario, the CEO of GreenSet, and Fernando Cánovas, the CEO of Padel Courts Deluxe, both pioneers in their industries, have partnered with bd-capital and will continue to be key shareholders and lead their respective businesses in the next phase of growth.
Nick Basing, Operating Partner at bd-capital, has become the new Chairman of Rakit Group, and commented, “I feel very excited about working with two great entrepreneurs with great business models to pursue one great vision”. Nick has extensive knowledge and expertise of the global racquet industry, is currently a nonexecutive member of the Association of Tennis Professionals (ATP) and was a non-executive Director on the Board of The Championships, Wimbledon. He is also a Board Advisor and founding shareholder at WePlay, a digital growth marketing agency to the sports industry.
Alejo Vidal-Quadras, Partner and Head of Southern Europe at bd-capital, added “I feel very positive about the future for Rakit Group. We approached GreenSet and Padel Courts Deluxe because we saw the opportunity to create something new and unique, and after 12 months of discussions, we agreed to join arms and in partnership build a new global leader in racquet courts and surfaces”.
Javier Sánchez-Vicario, CEO of GreenSet, added “This is a unique opportunity to unleash the power of a great brand and help take it to its next stage of modernisation and global expansion, while expanding its footprint beyond tennis”.
Fernando Cánovas, CEO of Padel Courts Deluxe said “with the support of bd-capital’s sector and international expertise, and GreenSet positioning, we are excited to have the opportunity to unlock even more growth in what is already a rapidly growing padel market”.
bd-capital executed the transaction in close partnership with advisory teams from Herbert Smith Freehills (legal), KPMG (financial and tax), Monitor Deloitte (commercial), AON (insurance) and SLR (ESG). Padel Courts Deluxe was advised by PwC and GreenSet by Javier Val Abogados.
About bd-capital
bd-capital is a European firm designed to implement the next evolution of operator-led investing: business leaders and private equity investors working in full partnership with company stakeholders. The firm targets control or co-control investments in European mid-market businesses with strong growth potential. The firm’s strategy is to invest in businesses where changing patterns in behaviour and technology disruption are creating growth opportunities. The bd-capital team has grown to 23 people, with offices in Madrid, Amsterdam, and London. For more information about bd-capital, visit the firm’s website at www.bd-cap.com
About GreenSet
GreenSet is led by CEO Javier Sánchez-Vicario, a former professional tennis player, and has become a world reference in the supply of high-performance tennis hardcourt surfaces. GreenSet’s strong reputation has made it the preferred brand for over 600 tennis tournaments globally, including the Australian Open Grand Slam, ATP finals, Davis Cup and Olympic Games. Based in a Barcelona, GreenSet serves two main customer segments: professional (global top tournaments) and recreational (multisport hardcourt surfaces for clubs, academies, and other institutions). GreenSet technical expertise enables them to deliver courts with the highest quality and consistent characteristics, fitting the specific needs of its clients (speed, spin, cushioning, colour, etc.). For more information about GreenSet, please visit www.greenset.net
About Padel Courts Deluxe
Padel Courts Deluxe was established in 2010 in Alicante by its founder and CEO Fernando Cánovas and has grown to become the world’s largest manufacturing facility of padel courts. Their extensive accumulated expertise and use of cutting-edge technology delivers highly adaptable and durable court solutions, suitable for a wide range of local physical and weather conditions. Padel is one of the fastest-growing sports in the world, with many countries and associations supporting the sport and building new facilities. Padel combines elements of tennis, squash and badminton, and is played on a court with walls, smaller than a tennis court. Padel has benefited from rising popularity and structural growth trends built on its ability to democratise sport – appealing to players of all ages, genders and skill levels, while offering a more social angle, given its ability to bring players of differing skills together in a game primarily played in doubles. For more information about Padel Courts Deluxe, please visit www.padelcourtsdeluxe.es
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