Created Date:
12 March 2024

Carey Olsen and Oakbridge advise Sullivan Street Partners on Wave Group investment

Carey Olsen and Oakbridge have together assisted private equity investor Sullivan Street Partners with its development capital investment into Wave Group, a UK-based inland surf park operator.

Carey Olsen provided regulatory, structuring and legal advice in establishing Sullivan Street's investment vehicle, Wave Jersey LP, with Oakbridge facilitating the set up and ongoing fund administration services. 

The Carey Olsen team advising Sullivan Street Partners comprised corporate partner Chris Griffin and associate Marco Carossa.

Chris Griffin commented: "We moved very quickly to set up Wave Jersey LP and agree on bespoke investment terms. We are seeing increasing number of PE and VC houses using the Jersey limited partnership through which to funnel these kinds of special situation investments because of the light regulatory footprint and associated speed to market."

Layton Tamberlin at Sullivan Street Partners said: “We are excited about our strategic investment in Wave Group, facilitated by our collaboration with Carey Olsen and Oakbridge. The expertise and efficiency demonstrated by both firms have been instrumental in swiftly establishing Wave Jersey LP, our investment vehicle for this venture. Their ability to provide regulatory, structuring, and legal guidance has been essential in executing bespoke investment terms and ensuring a rapid time to market. We look forward to the success of this partnership and exploring more opportunities together.”

The Oakbridge team was led by director Alex Smyth, who also acts as a director of Wave Jersey LP’s general partner.

Alex Smyth commented: "It’s been great to help Sullivan Street set up their first investment vehicle in Jersey, and we’re looking forward to working with them on this and more exciting investments."