IW Capital invests £2 million in Eos Leisure
IW Capital has announced its latest investment, £2 million in Eos Leisure. The Company manufactures and sells its own branded eliquid products (Vapemate, Soda Steam, Directors Cut) into the UK vaping market and provides manufacturing and scientific testing services for other suppliers in vaping and other markets. The EIS qualifying investment of £2 million will be used to support the company’s growth, with a focus on building sales and marketing resources, continuing scientific accreditation work and product development.
In a regulated industry, Eos Leisure has made substantial capital investments in plant & equipment to build fully compliant, high capacity facilities. Within this fast-growing market, the benefit of vaping products is endorsed by a number of health organisations who support the development of safer alternatives to smoking. The UK market is second only to the US, with an estimated 3 million vapers – contributing to an E-cigarette market that is currently estimated to be worth c.£1.3 billion.
Luke Davis, CEO and Founder of IW Capital, commented on the announcement, “We are thrilled to announce the EIS qualifying investment of £2 million in Eos Leisure. This is a rapidly growing industry and we are pleased to support the team’s plans to grow the business.”
Simon Manthorpe, CEO of Eos Leisure Group commented, “This investment marks a significant milestone in Eos Leisure’s growth to date, signifying not only the scale of the market, but our role in this wider context. We’re keen to ensure that the new investment manifests into some truly exciting developments.”
Established by the Founders in 2013, Eos Leisure manufactures and sells eliquids into the UK vaping market. From startup, the team built a rapidly growing business, initially through online sales of own branded product, to sales of c. £4 million in 2017, generating an EBITDA of c.£250,000.