Carifit - Private Equity
An opportunity has been secured to invest between £1,000,000 and £1,500,000 in Carifit, a London-based company supplying high-quality athleisure baby carriers, accompanied by a wellbeing and workout app for new mothers.
Carifit was founded in 2016 by Vern Hill, an ante and post-natal fitness expert and father of two. The company began as a seller of an exercise method. This quickly developed into a wellbeing and workout platform for new parents.
In 2022, the company raised £500,000 from a group of angel investors, funds and via a crowdfunding platform.
The funds raised in 2022 were used for the following objectives:
Design, develop and launch the Carifit baby carrier.
Create, test and launch the Carifit app.
Grow the Carifit team with relevant experts and leaders in their fields.
Rebrand the business and strengthen the overall proposition.
Carifit launched with an exclusive partnership at John Lewis stores in the UK and have been well received by the market, becoming the top customer-rated carrier on the John Lewis platform. 5,000 units have been sold to date. Carifit’s baby carrier was voted “the most comfortable baby carrier for 2023” by the Independent and the “best baby carrier for back support” by the Telegraph in January 2024.
The global baby carrier market size is valued at US$2.26 billion in 2024 and is forecast to reach US$3.07 billion by 2032¹, implying a projected compounded annual growth rate of 3.9%.
Carifit is currently raising capital to accelerate its growth plan and expand its international footprint.
Caleo Private Equity is targeting a 25% IRR and 2.5x money back multiple on investor capital over 5 to 7 years.
In 2022, the company raised £500,000 from a group of angel investors, funds and via a crowdfunding platform.
The funds raised in 2022 were used for the following objectives:
Carifit launched with an exclusive partnership at John Lewis stores in the UK and have been well received by the market, becoming the top customer-rated carrier on the John Lewis platform. 5,000 units have been sold to date. Carifit’s baby carrier was voted “the most comfortable baby carrier for 2023” by the Independent and the “best baby carrier for back support” by the Telegraph in January 2024.
The global baby carrier market size is valued at US$2.26 billion in 2024 and is forecast to reach US$3.07 billion by 2032¹, implying a projected compounded annual growth rate of 3.9%.
Carifit is currently raising capital to accelerate its growth plan and expand its international footprint.
Caleo Private Equity is targeting a 25% IRR and 2.5x money back multiple on investor capital over 5 to 7 years.
Carifit’s products include a Baby Carrier as well as a Postnatal Support App.
The Carifit Baby Carrier
The Carifit App
Carifit baby carriers are made with recycled materials. Each carrier repurposes 30 plastic bottles from landfill.
Besides having a highly customer-rated baby carrier, Carifit’s advantage over other baby carrier providers in the market is its intentionality in developing a support ecosystem and a culture of community.
Expert Designed Carrier
Carifit’s comfortable and lightweight baby carrier, as recently as January 2024, was voted “Best baby carrier for back support” by the Telegraph.
Workouts and Fitness
Workouts for new moms is the genesis of Carifit and continues to be a core value-add.
Health and Wellbeing Advice
Through the App, Carifit is able to give expert health and wellbeing advice at different stages of the parenting journey.
Support and Community
Parents feel supported and in community with other parents facing similar challenges.
Carifit’s comfortable and lightweight baby carrier, as recently as January 2024, was voted “Best baby carrier for back support” by the Telegraph.
Workouts and Fitness
Workouts for new moms is the genesis of Carifit and continues to be a core value-add.
Health and Wellbeing Advice
Through the App, Carifit is able to give expert health and wellbeing advice at different stages of the parenting journey.
Support and Community
Parents feel supported and in community with other parents facing similar challenges.
Carifit has been featured in the following publications:
The global baby carrier market size in 2024 is valued at US$2.26 billion and is expected to reach US$3.07 billion by 2032, growing at a CAGR of 3.9%.
According to Mordor Intelligence*, the current trends driving growth in the market include:
Growing consumer spending on baby carrier products.
Product innovation in design and materials used. There is a particular increase in the popularity of ergonomically (equipment comfortable and effective for people who use it) designed baby carriers as well as baby carriers that are safer, more comfortable, and lightweight.
Eco-sustainability of the materials used to produce baby carriers.
Style is increasingly a consideration when choosing a baby carrier.
Carifit sits at the forefront of baby carrier innovation having invented a baby carrier that is functional, comfortable, lightweight, simple to put on and adjust and is made using recycled plastic bottles. Carifit is also the only baby carrier provider that has an accompanying app with over 3000 users (90% of which own a baby carrier).
While market share varies from territory to territory, Ergobaby and Babybjorn are the market leaders in the UK accounting for about 65% of market share. In the US, a much bigger market, additional major players include Tula, Boba and Infantino.
Relative to other baby carriers in the market, Carifit is a premium product at a starting retail price of £195. Ergobaby (£189) and Babybjorn (£209) provide similar quality range baby carriers. Artippope, a very high-end baby carrier brand, starts at £360 and goes up to £5000 per carrier.
Source: (*)
According to Mordor Intelligence*, the current trends driving growth in the market include:
Carifit sits at the forefront of baby carrier innovation having invented a baby carrier that is functional, comfortable, lightweight, simple to put on and adjust and is made using recycled plastic bottles. Carifit is also the only baby carrier provider that has an accompanying app with over 3000 users (90% of which own a baby carrier).
While market share varies from territory to territory, Ergobaby and Babybjorn are the market leaders in the UK accounting for about 65% of market share. In the US, a much bigger market, additional major players include Tula, Boba and Infantino.
Relative to other baby carriers in the market, Carifit is a premium product at a starting retail price of £195. Ergobaby (£189) and Babybjorn (£209) provide similar quality range baby carriers. Artippope, a very high-end baby carrier brand, starts at £360 and goes up to £5000 per carrier.
Carifit opted to not renew their exclusivity deal with John Lewis (which bound them to sell only through John Lewis stores) because they are focused on meeting demand in new territories and channels. In terms of distribution channels, Carifit is targeting traditional brick and mortar retail partners in the UK with Mamas and Papas already stocking product, whilecontinuing their relationship with John Lewis. Carifit is also focused on pushing D2C (direct-to-customer) sales and expanding on their corporate partnership programme.
In terms of entering new territories, Carifit has signed agreements on a distribution / hybrid-retail basis for Ireland, Australia and New Zealand. They are also in negotiations, on a distribution basis, with parties in MENA (Middle East and North Africa). Management is targeting a break into the North American market where customers are already ordering shipment directly from Carifit’s UK D2C store.
In addition to Carifit’s growth ambitions for the baby carrier, the company will promote App subscriptions to customers outside of Carifit’s current eco-system. This will be through their partner-access portal. This portal allows other parent-facing brands to grant limited access to the Carifit App with the intention of retaining some of the customers. Partnerships with The Babyshow, Natal Active, John Lewis and V-Tech have already been secured for launch.
Product Risk Management
Carifit has a long-standing relationship with their manufacturer, who is based in China. There is a team that Carifit works with that liaises between the factory and Carifit’s UK team. The factory has capacity to ramp up production following investment and Carifit has modelled the increase in staff that will be necessary to support the increase in distribution and customer care that will be required. Management is fastidious about the quality that leaves the factory floor and have implemented a unique 89-point check, together with legal safety testing and standards, in order to retain the quality standard. Returns are currently under 1%. Only 12 units out of 5,000 units sold were returned due to quality issues. These have since been resolved. The recruitment and training of staff will be key to the growth strategy in order to maintain customer service and quality control. These are needed to gain favour in the market, including tailoring these to needs of region-specific partners.
Intellectual Property (IP) Protection
Carifit is expecting to be granted a patent in the UK in August 2024. In early 2025 it should get a global patent. The key elements that the patent will cover include the base-width mechanism, which allows for the baby to remain in the carrier while the carrier is being adjusted. In addition, the carrier is hip healthy certified by the IHDI (International Hip Dysplasia Institute). More generally, the Carifit carrier is highly differentiated in design and design detailing. This, together with trademarks and design registrations, makes it difficult to replicate the Carifit carrier without infringement.
In terms of entering new territories, Carifit has signed agreements on a distribution / hybrid-retail basis for Ireland, Australia and New Zealand. They are also in negotiations, on a distribution basis, with parties in MENA (Middle East and North Africa). Management is targeting a break into the North American market where customers are already ordering shipment directly from Carifit’s UK D2C store.
In addition to Carifit’s growth ambitions for the baby carrier, the company will promote App subscriptions to customers outside of Carifit’s current eco-system. This will be through their partner-access portal. This portal allows other parent-facing brands to grant limited access to the Carifit App with the intention of retaining some of the customers. Partnerships with The Babyshow, Natal Active, John Lewis and V-Tech have already been secured for launch.
Product Risk Management
Carifit has a long-standing relationship with their manufacturer, who is based in China. There is a team that Carifit works with that liaises between the factory and Carifit’s UK team. The factory has capacity to ramp up production following investment and Carifit has modelled the increase in staff that will be necessary to support the increase in distribution and customer care that will be required. Management is fastidious about the quality that leaves the factory floor and have implemented a unique 89-point check, together with legal safety testing and standards, in order to retain the quality standard. Returns are currently under 1%. Only 12 units out of 5,000 units sold were returned due to quality issues. These have since been resolved. The recruitment and training of staff will be key to the growth strategy in order to maintain customer service and quality control. These are needed to gain favour in the market, including tailoring these to needs of region-specific partners.
Intellectual Property (IP) Protection
Carifit is expecting to be granted a patent in the UK in August 2024. In early 2025 it should get a global patent. The key elements that the patent will cover include the base-width mechanism, which allows for the baby to remain in the carrier while the carrier is being adjusted. In addition, the carrier is hip healthy certified by the IHDI (International Hip Dysplasia Institute). More generally, the Carifit carrier is highly differentiated in design and design detailing. This, together with trademarks and design registrations, makes it difficult to replicate the Carifit carrier without infringement.
Carifit raised £500,000 in 2022 to create the Carifit carrier and Carifit App. In the period between 2022 and present day, the company invested heavily in developing the baby carrier and app as well as in the brand and team. This investment has paid off with Carifit garnering significant attention in the market. To date the Company has produced 8,000 units with another 2,000 in mid-production. Of the 8,000 units produced, 5,000 have been sold and another 2,000 units have been contracted with a distributor. The current capital raise will be utilised to further invest in additional hires for the new cycle of growth, technology upgrades, and to enter new markets.
Carifit has high growth ambitions, however, the financial projections below reflect a more conservative growth projection, which Caleo Private Equity believes to be more prudent. With the current investment injection, the company is projected to grow revenue by over 400% in the first year post-investment as the product enters new markets and introduces new distribution channels. Thereafter we project that the company’s growth rate will slow down to an average growth rate of 97% over the remaining forecast period. Carifit is expected to turn profitable in the second year following investment.
As mentioned previously, Carifit’s baby carrier has a RRP (recommended retail price) of £195. This is the price that will be broadly matched across new territories. In addition, Carifit generates strong margins on each sale.
Since Carifit’s exclusive launch into John Lewis stores, they have been taking market share from two of the largest baby wearing brands in the UK. Carifit had 20% of the shelf space in the baby carrier section of John Lewis and in only four months, increased presence from 15 to 27 stores. This exclusive partnership ended in December 2023, although John Lewis continues to be their most significant retail partner in the UK. Beginning Q1 2024, the company has seen significant growth with new retailers and distribution channels coming on board, enabling growth. In the UK, Carifit has launched with Mamas & Papas (and is soon to launch with Jojo Maman Bébé). In Ireland, they have launched with Tony Kealys and signed a distribution agreement with Bedibibies. Carift is also set to launch with multi-award winning The Sleep Store in Australia and New Zealand in August 2024.
The investment term is 5-7 years and Caleo Private Equity has comfort that there are viable exit prospects for Carifit to explore such as funds that have a focus on baby good businesses, for example Bain Capital. Management has also become aware that industry majors Cybex, Mayborn Group and Thule are already monitoring Carifit’s progress
Carifit has high growth ambitions, however, the financial projections below reflect a more conservative growth projection, which Caleo Private Equity believes to be more prudent. With the current investment injection, the company is projected to grow revenue by over 400% in the first year post-investment as the product enters new markets and introduces new distribution channels. Thereafter we project that the company’s growth rate will slow down to an average growth rate of 97% over the remaining forecast period. Carifit is expected to turn profitable in the second year following investment.
As mentioned previously, Carifit’s baby carrier has a RRP (recommended retail price) of £195. This is the price that will be broadly matched across new territories. In addition, Carifit generates strong margins on each sale.
Since Carifit’s exclusive launch into John Lewis stores, they have been taking market share from two of the largest baby wearing brands in the UK. Carifit had 20% of the shelf space in the baby carrier section of John Lewis and in only four months, increased presence from 15 to 27 stores. This exclusive partnership ended in December 2023, although John Lewis continues to be their most significant retail partner in the UK. Beginning Q1 2024, the company has seen significant growth with new retailers and distribution channels coming on board, enabling growth. In the UK, Carifit has launched with Mamas & Papas (and is soon to launch with Jojo Maman Bébé). In Ireland, they have launched with Tony Kealys and signed a distribution agreement with Bedibibies. Carift is also set to launch with multi-award winning The Sleep Store in Australia and New Zealand in August 2024.
The investment term is 5-7 years and Caleo Private Equity has comfort that there are viable exit prospects for Carifit to explore such as funds that have a focus on baby good businesses, for example Bain Capital. Management has also become aware that industry majors Cybex, Mayborn Group and Thule are already monitoring Carifit’s progress
Vern Hill
Founder & Chief Executive Officer
Vern Hill is the UK’s leading expert on the benefits of babywearing and activity. He holds a sports science degree and is a fitness professional and entrepreneur with a passion for babywearing and supporting pre- and post-partum mums to be active, capable and confident. Prior to Carifit, Vern ran his own personal training studio in London for new parents. This is where he saw the huge benefits that movement brought to both baby and parent. In 2020, Vern decided to take the next step for Carifit, to develop a bespoke Carrier for exercise, to launch Carifit as a parenting support system and to build the team to take the business.
Samantha Cullum
Chief Operating Officer
Prior to joining Carifit, Samantha ran her own Consultancy supporting companies to develop their product and grow their business. Samantha Cullum has led business set-up, integration, expansion and the operational roll out of product in the UK, Europe and the US, often working with subject specialists to develop product and service roadmaps. Samantha is also Chair of the National Governing Body for group Exercise in the UK and has many years of experience in the fitness, exercise and activity sector in the UK and US. At Carifit, Samantha is responsible for overseeing the business operation of Carifit, working closely with Vern Hill to grow and expand the business.
Simon Nicklin
Finance Director
Simon Nicklin joined Carifit after a career in Fixed Income Structured Solutions working for RBS and NatWest Markets. Simon’s experience is in Risk Management and Financing Solutions for the UK, Irish Banks and Building Societies. Simon is an Olympian, having represented Britain in field hockey in the 1992 Barcelona Summer Olympics. He has a passion for health and fitness. Simon is an original investor in Carifit, having met Vern Hill as a personal training client. Hearing about Vern’s concept for Carifit, Simon was keen to support the vision. He is currently a part-time consultant supporting finance and investment at Carifit.
Hester Macanara
Product Development Lead
Hester has over 15 years’ experience in designing and manufacturing soft goods within the nursery industry in both small to medium-sized businesses. Hester’s career experience spans business development, product development, and supply chain management. Hester has designed and developed multiple award-winning nursery products with an emphasis on reduced impact and sustainability. Hester’s own company, Close Parent, was transformed from a small 3-person operation into a thriving business with a 15-member team, a loyal consumer base, and a multi-million turnover with global distribution in over 25 countries. Alongside Vern Hill, Hester was pivotal in the design and manufacture of the Carifit. She is currently a part-time consultant leading the design of Carifit’s product and supporting business development.
Founder & Chief Executive Officer
Vern Hill is the UK’s leading expert on the benefits of babywearing and activity. He holds a sports science degree and is a fitness professional and entrepreneur with a passion for babywearing and supporting pre- and post-partum mums to be active, capable and confident. Prior to Carifit, Vern ran his own personal training studio in London for new parents. This is where he saw the huge benefits that movement brought to both baby and parent. In 2020, Vern decided to take the next step for Carifit, to develop a bespoke Carrier for exercise, to launch Carifit as a parenting support system and to build the team to take the business.
Samantha Cullum
Chief Operating Officer
Prior to joining Carifit, Samantha ran her own Consultancy supporting companies to develop their product and grow their business. Samantha Cullum has led business set-up, integration, expansion and the operational roll out of product in the UK, Europe and the US, often working with subject specialists to develop product and service roadmaps. Samantha is also Chair of the National Governing Body for group Exercise in the UK and has many years of experience in the fitness, exercise and activity sector in the UK and US. At Carifit, Samantha is responsible for overseeing the business operation of Carifit, working closely with Vern Hill to grow and expand the business.
Simon Nicklin
Finance Director
Simon Nicklin joined Carifit after a career in Fixed Income Structured Solutions working for RBS and NatWest Markets. Simon’s experience is in Risk Management and Financing Solutions for the UK, Irish Banks and Building Societies. Simon is an Olympian, having represented Britain in field hockey in the 1992 Barcelona Summer Olympics. He has a passion for health and fitness. Simon is an original investor in Carifit, having met Vern Hill as a personal training client. Hearing about Vern’s concept for Carifit, Simon was keen to support the vision. He is currently a part-time consultant supporting finance and investment at Carifit.
Hester Macanara
Product Development Lead
Hester has over 15 years’ experience in designing and manufacturing soft goods within the nursery industry in both small to medium-sized businesses. Hester’s career experience spans business development, product development, and supply chain management. Hester has designed and developed multiple award-winning nursery products with an emphasis on reduced impact and sustainability. Hester’s own company, Close Parent, was transformed from a small 3-person operation into a thriving business with a 15-member team, a loyal consumer base, and a multi-million turnover with global distribution in over 25 countries. Alongside Vern Hill, Hester was pivotal in the design and manufacture of the Carifit. She is currently a part-time consultant leading the design of Carifit’s product and supporting business development.
Team
Glen Scorgie, CA (SA)
Glen has over 20 years of experience investing and fundraising globally. He began his career as a dealmaker and portfolio manager at Rand Merchant Bank (RMB), where he managed the US high-yield bond portfolio, investing over $1 billion of capital in over 150 US and European corporates. Glen subsequently co-founded RMB’s Opportunities in Global Real Estate portfolio and went on to co-found the RMB Westport Real Estate Development Fund, the largest sub-Saharan Africa real estate private equity fund at the time. Glen was also Chief Investment Officer and a founding member of Gateway Delta Development Holdings prior to joining Caleo Private Equity.
Education: BCom Accounting Hons (UNISA); Bachelor's Degree in Accounting (Wits).
Selwyn Blieden, PhD CFA
Selwyn has over 20 years of experience in consulting and banking, locally and abroad. He began his career at McKinsey & Co. in Johannesburg, undertaking projects across Africa. Selwyn subsequently co-founded and managed RMB’s Opportunities in Global Real Estate portfolio and later co-founded the RMB Wesport Real Estate Development Fund, the largest sub-Saharan Africa real estate equity fund at the time. Prior to joining Caleo Private Equity, Selwyn led ABSA’s commercial property finance business in Africa as a Principal at the ABSA Group. Selwyn currently serves on the Board of Trustees of the African Leadership Academy.
Education: PhD Mathematics (Cambridge); BA Hons in Mathematics and BA in Mathematics and Economics (Wits).
Due Diligence Provider
When it comes to exploring investment opportunities, it is crucial to delve into the meticulous due diligence process that accompanies ventures in collaboration with Caleo. Caleo's team, seasoned in the world of finance, not only comprehends but actively engages in the due diligence process for potential investments, offering transparency and lucidity throughout the investment journey.
Understanding the Vision:
Caleo, drawing from its extensive experience, provides invaluable insights into the intricate financial landscape. Their unwavering commitment to open and candid communication ensures that investors are equipped with well-informed financial solutions, fostering a solid foundation of trust.
Tailoring Investment Strategies:
Caleo commences this process by crafting personalized financial blueprints, meticulously defining short, medium, and long-term objectives. Through an in-depth assessment of financial positions, balance sheets, asset ownership, income statements, and cash flows, Caleo tailors investment strategies that align seamlessly with the investor's current financial standings and future aspirations.
Aligning Wealth with Purpose:
Caleo's overarching mission is to align personal visions with financial objectives. Their steadfast dedication to providing uncomplicated and transparent investment solutions is achieved through clear, effective communication and seamless collaboration. This meticulous process ensures that wealth becomes a powerful tool, harmonizing with each individual's life purposes.
Due Diligence Expertise:
Caleo's commitment to due diligence extends to performing structural analyses and evaluating tax jurisdictions. Their open communication policy guarantees that investors are well-informed, with the receipt of clear and comprehensive monthly reports detailing the status of their investments.
Scope & Process:
Comprehensive due diligence has been conducted, encompassing all critical aspects of financial stability, structural integrity, legal compliance, and environmental sustainability. Caleo’s approach is meticulous, leveraging their extensive experience in managing and assessing real estate investments for family offices. Their analysis helps in identifying and mitigating potential risks associated with property investments, ensuring that Project ABBA meets high standard of investment safety and sustainability. Caleo’s involvements adds a layer of trust and assurances, providing potential investors with confidence in the thoroughness of the investment’s evaluation.
Glen Scorgie, CA (SA)
Glen has over 20 years of experience investing and fundraising globally. He began his career as a dealmaker and portfolio manager at Rand Merchant Bank (RMB), where he managed the US high-yield bond portfolio, investing over $1 billion of capital in over 150 US and European corporates. Glen subsequently co-founded RMB’s Opportunities in Global Real Estate portfolio and went on to co-found the RMB Westport Real Estate Development Fund, the largest sub-Saharan Africa real estate private equity fund at the time. Glen was also Chief Investment Officer and a founding member of Gateway Delta Development Holdings prior to joining Caleo Private Equity.
Education: BCom Accounting Hons (UNISA); Bachelor's Degree in Accounting (Wits).
Selwyn Blieden, PhD CFA
Selwyn has over 20 years of experience in consulting and banking, locally and abroad. He began his career at McKinsey & Co. in Johannesburg, undertaking projects across Africa. Selwyn subsequently co-founded and managed RMB’s Opportunities in Global Real Estate portfolio and later co-founded the RMB Wesport Real Estate Development Fund, the largest sub-Saharan Africa real estate equity fund at the time. Prior to joining Caleo Private Equity, Selwyn led ABSA’s commercial property finance business in Africa as a Principal at the ABSA Group. Selwyn currently serves on the Board of Trustees of the African Leadership Academy.
Education: PhD Mathematics (Cambridge); BA Hons in Mathematics and BA in Mathematics and Economics (Wits).
Due Diligence Provider
When it comes to exploring investment opportunities, it is crucial to delve into the meticulous due diligence process that accompanies ventures in collaboration with Caleo. Caleo's team, seasoned in the world of finance, not only comprehends but actively engages in the due diligence process for potential investments, offering transparency and lucidity throughout the investment journey.
Understanding the Vision:
Caleo, drawing from its extensive experience, provides invaluable insights into the intricate financial landscape. Their unwavering commitment to open and candid communication ensures that investors are equipped with well-informed financial solutions, fostering a solid foundation of trust.
Tailoring Investment Strategies:
Caleo commences this process by crafting personalized financial blueprints, meticulously defining short, medium, and long-term objectives. Through an in-depth assessment of financial positions, balance sheets, asset ownership, income statements, and cash flows, Caleo tailors investment strategies that align seamlessly with the investor's current financial standings and future aspirations.
Aligning Wealth with Purpose:
Caleo's overarching mission is to align personal visions with financial objectives. Their steadfast dedication to providing uncomplicated and transparent investment solutions is achieved through clear, effective communication and seamless collaboration. This meticulous process ensures that wealth becomes a powerful tool, harmonizing with each individual's life purposes.
Due Diligence Expertise:
Caleo's commitment to due diligence extends to performing structural analyses and evaluating tax jurisdictions. Their open communication policy guarantees that investors are well-informed, with the receipt of clear and comprehensive monthly reports detailing the status of their investments.
Scope & Process:
Comprehensive due diligence has been conducted, encompassing all critical aspects of financial stability, structural integrity, legal compliance, and environmental sustainability. Caleo’s approach is meticulous, leveraging their extensive experience in managing and assessing real estate investments for family offices. Their analysis helps in identifying and mitigating potential risks associated with property investments, ensuring that Project ABBA meets high standard of investment safety and sustainability. Caleo’s involvements adds a layer of trust and assurances, providing potential investors with confidence in the thoroughness of the investment’s evaluation.
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