Custom Bats Cricket Forum
Companies => Off-the-shelf companies => Spartan => Topic started by: Tom on August 01, 2018, 09:58:30 AM
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https://www.afr.com/street-talk/bat-maker-spartan-sports-bowls-maiden-ipo-pitch-20180730-h13aug (https://www.afr.com/street-talk/bat-maker-spartan-sports-bowls-maiden-ipo-pitch-20180730-h13aug)
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Can you copy and paste the article @Tom , its only for subscribers
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There are plenty of fund managers who would claim to know a thing or two about cricket bats and balls - and now that knowledge can be put to the test.
Street Talk understands David Warner's new batmaker, Spartan Sports, is lining up for an initial public offering in coming months, which would be a first for cricket equipment makers in Australia or offshore.
Spartan is expected to come to market with forecast $60 million or so in sales for 2019, and an expected $10.7 million in earnings before interest and tax. Its owners are said to be considering an IPO among a handful of options, and could be ready for the ASX boards as early as this year.
Sources said the IPO plans were revealed to a handful of fundies and high net worth investors in the past fortnight, who heard the pitch straight from Spartan management's mouths.
(https://i.imgur.com/NiY7L3D.png)
Spartan's maiden offering was a $3 million pre-IPO funding round, structured by way of convertible notes. The notes would convert into ordinary equity at a discount, should the company make its way to the ASX-boards as planned.
It is understood Spartan has already ruled off the pre-IPO raising, and will use the funds to buy wood for Warner and co's next crop of bats, buy stock for sale in Australian and offshore stores, and set up operations in the UK.
The raising is designed to coincide with its push into offshore markets, having recently secured a distribution agreement with e commerce platforms Amazon and Flipkart.
Cricket was at the heart of the pitch. Spartan moved into cricket in 2011, and quickly signed then Australian captain Michael Clarke to a bat deal to claim its slice of Australia's national game. It makes bats, pads and gloves, is moving into cricket balls, and markets itself by signing "ambassadors" like Warner, Chris Gayle, Sachin Tendulkar and MS Dhoni.
The company's roots, though, trace back to 1953 as a specialist manufacturer of inflatable ball products - footballs, soccer balls, netballs and the like. It is now owned by a bunch of private investors, including Kunal Sharma who founded Spartan Sports in NSW in 1998.
Should Spartan make it to IPO as planned, there's expected to be plenty of interest in its site tours. It's easy to imagine fundies heading to the Sydney Cricket Ground or Melbourne Cricket Ground nets to try out Warner or Gayle's latest bat.
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Figures double in the first projected year for a bat maker that has struggled previously. The Warner effect predicted to be so decisive hmmm.
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Those growth predictions seems wholly unrealistic given the growth they have achieved in the last 3 years despite having some big names signed up to the brand during that time
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This will require a level of transparency that Spartan aren't used to.
It will also show how little cash there is as a sticker up brand.
Do Spartan even have the levels of corporate governance to carry this off.
Or as Peter Jones would say: I'm out.
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Isn't Spartan the brand that doesn't pay its sponsored players?
How are they able to achieve such "gross profit" numbers?
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Wouldn't surprise me if they're a little short on cash, with a promise of a future IPO to bring investors in now.
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Personally, I'd be happy if they just paid their players and walked off into the sunset .
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How are they able to achieve such "gross profit" numbers?
By not paying their players ;)
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By not paying their players ;)
Can't imagine any player using Any sponsor if they are not paid as agreed.
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I have heard that Bairstow is yet to receive a penny from them and is talking about legal action, the only ones they pay must be dhoni and michael Clarke as nobody stays with them for long
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I have heard that Bairstow is yet to receive a penny from them and is talking about legal action, the only ones they pay must be dhoni and michael Clarke as nobody stays with them for long
Doesn't look like they pay Dhoni - https://gulfnews.com/sport/cricket/india/dhoni-to-sue-spartan-for-default-of-payment-1.1862434
What a joke of a company!
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How many bats are sold each year?
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How many people have seen a Spartan being used at club level?
One the lads at our club had one of the Matt Prior ones a few years back but it broke after less than a season.
Including an obviously fake one one of our "slower" players bought off eBay, I can count on one hand the number I've seen being used.
Maybe they sell better elsewhere, but they don't seem to have much of a presence down Soufff
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How many people have seen a Spartan being used at club level?
One the lads at our club had one of the Matt Prior ones a few years back but it broke after less than a season.
Including an obviously fake one one of our "slower" players bought off eBay, I can count on one hand the number I've seen being used.
Maybe they sell better elsewhere, but they don't seem to have much of a presence down Soufff
Seen quite a few legit ones (although a lot less since Clarke retired) , a few fakes , and quite a few bats with cheap ebay spartan stickers whacked on them too.
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I can't recall seeing anyone using one in a game I have played in.
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I believe all rounder still stock them as well. As to joe burn I believe he’s one of many sponsored players that have not received there payment but yes not many spartan bats seen in league cricket anymore