Finance Monthly - August 2023

About the Deal DWF provided legal advice to Growth Partner on its £15 million investment in clothing brand Passenger. Founded in 2012 by Richard and Alexa Sutcliffe, Passenger is a rapidly-growing outdoor clothing brand with a focus on sustainability. Passenger plants a tree for every order it receives and ensures that over 90% of its product portfolio is made with lower-impact materials such as hemp, organic cotton, and recycled cotton and polyester. The firm is set to achieve revenue of £50 million in 2023. Consumer-specialist investment firm Growth Partner is taking a significant minority stake in Passenger as part of its domestic and international growth strategy. Former Gymshark chief executive Steve Hewitt, who is investing alongside Growth Partner, will become chairman of Passenger, while Growth Partner investment director James Worrall will join the board as non-executive director. Whanau Advisory, a firm founded by Steve Hewitt and including a number of former Gymshark executives, will become a strategic advisor to Passenger. DWF advised Growth Partner with a team led by partner Will Munday and senior associate Francesca Kinsella. PASSENGER Secures a £15M Investment from GROWTH PARTNER Legal Advisor on the transaction: Transaction Reports 74 Finance Monthly.

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