December 3, 2023

NOBULL is a training brand founded in 2015 by former Reebok executives Marcus Wilson and Michael Schaeffer

Source: No Bull

The man who turned Vitaminwater and BodyArmor into household beverage brands is turning his attention to the sneaker industry.

Mike Repole (Mike Repole) told CNBC on Thursday that his private equity firm will acquire a majority stake in NoBull. This is the first major investment by Major Capital, the private equity arm of the Repole family office.

“I fell in love with the NoBull name, the brilliance and what it stands for. There’s no excuses, no bullshit, just doing it right,” he said.

Terms of the deal were not disclosed, but Repole said it was his largest investment in the brand to date.

NoBull is a training brand founded in 2015 by former Reebok executives Marcus Wilson and Michael Schaeffer. The Boston-based company employs about 100 people in the U.S., U.K. and China and sells sneakers and apparel primarily online.

NOBULL is a footwear, apparel, and accessories brand based in Boston, Massachusetts.

Source: No Bull

In recent years, the company has signed partnerships with fitness brand CrossFit, the PGA Tour and NFL combine.

Repole said he first contacted the founders about 14 months ago with a proposed deal. It is ignored. Repole said he had been in touch with us until they met about two months ago and immediately hit it off with a shared vision of success.

“I think this brand can really be a life-changing brand for a lot of people,” Repole said. “The NoBull mentality is all about becoming a better version of yourself, cutting through the noise and clutter.”

Repole said his plans for the brand could include an eventual initial public offering.

“If we want to build this massive multibillion-dollar platform … I think going public would be the best way,” he said.

Co-founder Wilson said Repole’s history of successful exits was part of what made him such a compelling partner for NoBull.

Repole sold BodyArmor to Coca-Cola in 2021 for $5.6 billion. Before that, he co-founded Glaceau, maker of the popular Vitaminwater and Smartwater brands, which were also sold to Coca-Cola in 2007.

“As we think about the next phase or the next chapter of this book for our brand, Mike has gotten to where we’re going many times and is often a few chapters ahead of that book,” Wilson told CNBC.

In the short term, the trio will focus on expanding their brand influence.

“Among the many things that (Repole) and his team have brought to the table, some are operational excellence,” Wilson said. “Mike has the capability to go from hundreds of millions to billions.”