Venus Williams has joined the private equity firm Topspin Consumer Partners to focus on investments in health and wellness companies. The seven-time Grand Slam champion will join the middle-market investment firm as an operating partner. The industry is dealing with a slowing economy and tight credit markets, but Williams is confident that the right assets are available. “Now you have to find real businesses that make sense. And, despite what’s happening in the market, there’s still room for growth in so many industries,” Williams said in an interview. “It’s a different market, but it also offers more opportunities.”
Williams is a “great addition to the team,” according to Topspin Managing Partner Leigh Randall. “We wanted someone who could really help us on the health and wellness front, as well as in areas like beauty and personal care — areas where we invest a lot,” Randall explained. Randall added that the firm “wanted someone with access to deal flow” because of her prior entrepreneurial and personal investing work. In February, Topspin acquired Firefly Buys LLC, a full-service e-commerce accelerator, via its portfolio company reCommerce. According to the firm’s website, the target is one of Amazon’s largest North American sellers.
Williams, 42, follows in the footsteps of other former athletes, including New York Yankees player Alex Rodriguez, San Francisco 49ers quarterback, Steve Young, and celebrities like Kim Kardashian.
Williams, who grew up in Compton, California, is well aware that she is entering a field that does not reflect her own. “There are many industries that African Americans have historically not penetrated, including tennis,” she said. “I spend a lot of time in industries that need that penetration, and I also find it to be a calling in a lot of ways.”
Randall joined the firm in 2004 to help build the private equity business, but the firm later decided to focus on consumer-focused investments. Topspin is currently looking to make control investments in the lower middle market. Williams, a four-time Olympic gold medalist, will not set a deadline for completing her first Topspin deal. She believes that “slow and steady” is the best strategy for a deal right now.
“It’s really, really interesting that this is where I landed,” Williams said in an interview, referring to the firm’s name. “I like the tennis connection, and I obviously like tennis, so that’s cool.” Topspin invested in Mission, a company founded by athletes, last year. One of them was Williams’ sister Serena, a tennis champion, and another was Topspin operating partner Josh Shaw, who helped facilitate Venus Williams’ introduction and hiring.
