Selkirk lands $30m to fuel rapid Asia push; poised for acquisitions

Selkirk Sport, one of America's leading pickleball equipment manufacturers, has secured its first external capital investment as part of an ambitious strategy to establish dominance in Asian markets before competitors can gain a foothold.

The deal with New York-based Bluestone Equity Partners values the company at approximately $200m based on projected revenues of at least $100m this year. The partnership signals a pivotal moment for the sport, which has experienced explosive growth in the United States but remains largely undeveloped internationally.

Whilst pickleball participation in the US has grown roughly sixfold between 2019 and 2024, the targeted Asian markets represent a substantially larger demographic opportunity. 

Selkirk is rushing to the Asian market

The timing reflects a calculated attempt to claim territory before market consolidation accelerates. Selkirk has spent recent years building infrastructure in its home market, growing revenues by approximately 1,900% since 2019, establishing relationships with major retailers including Costco, and developing a media arm through Selkirk Pickleball TV.

The company has also cultivated a network of more than 1,300 brand ambassadors and advocates, a grassroots approach that it may seek to replicate in Asian markets.

Consolidation threat looms for smaller US brands

The partnership carries a clear message for smaller American pickleball manufacturers: Selkirk is positioning itself as a consolidation platform. Bluestone's stated commitment to support "opportunistic M&A in the fragmented equipment market in the U.S." suggests that whilst Selkirk expands internationally, it simultaneously intends to acquire domestic competitors. 

The deal follows similar moves by Thirty-5 Capital Partners, a PE firm focused on pickleball that holds stakes in multiple paddle manufacturers including Paddletek, ProXR Pickleball, and Boundless Pickleball through its United Pickleball Properties portfolio. Paddletek Group is the recent rebranding or unification of these brands (Paddletek, ProXR, Padeltek, Yobow)

But the threat extends beyond simple acquisitions. In an interview with Forbes, Bluestone founder Bobby Sharma revealed that Selkirk represents merely the first pickleball investment for his firm, with additional investments planned that will flow "into and through" Selkirk as what he termed a "strong brand and operating platform." 

Sharma explicitly confirmed that "part of our investment is intended to go towards mergers and acquisitions," positioning Selkirk not simply as a growing brand but as the hub of Bluestone's broader pickleball consolidation strategy. 

For regional paddle manufacturers, specialty brands and smaller equipment companies operating in what Bluestone characterises as a "fragmented" market, the implications are stark. They now face not merely a well-capitalised competitor but an entire private equity-backed consolidation apparatus designed to absorb or outcompete independent players. 

The window for independent brands to establish defensive positions—whether through their own capital raises, strategic partnerships, or rapid international expansion—is narrowing considerably.

Why Bluestone?

Bluestone Equity Partners manages a $300m fund focused exclusively on sports, media and entertainment properties. The firm's founder, Bobby Sharma, previously held senior positions at IMG, one of the world's most influential sports marketing and talent agencies.

Sharma's network could prove valuable as Selkirk navigates the complexities of establishing distribution channels, signing regional ambassadors and developing retail partnerships across multiple countries with distinct regulatory environments.

The investment firm has explicitly stated it will support "opportunistic mergers and acquisitions in the fragmented equipment market in the US", suggesting Selkirk may pursue a dual strategy of organic international growth combined with consolidation through acquisition of smaller manufacturers and regional distributors.

Mergers and acquisitions are coming

Whilst Selkirk has not disclosed detailed tactical plans, international expansion of this nature typically requires establishing local distribution networks, signing regional brand ambassadors and professional players, and potentially partnering with or acquiring existing local manufacturers.

The company may also need to develop region-specific product lines accounting for local preferences, price sensitivity and playing conditions. Selkirk Pickleball TV could be adapted to feature Asian players, tournaments and instructional content in local languages.

Speed of execution appears critical. 

Once pickleball begins gaining momentum in these markets, competitors including established US brands such as JOOLA, Franklin and Paddletek are likely to follow rapidly. First-mover advantages in emerging sports markets can be substantial but are rarely permanent without continued investment and strategic focus.

What does this mean for pickleball?

Should Selkirk successfully establish itself as the leading brand before Asian markets mature, it could influence fundamental aspects of how pickleball develops in these regions, from equipment standards and court specifications to playing styles and tournament structures.

For competing manufacturers, the investment serves as a signal that international markets can no longer be treated as future opportunities. US-based paddle manufacturers who believed they had time to develop international strategies now face a well-capitalized competitor with institutional backing and clear geographic priorities.

In the best case, the deal may catalyze additional private equity and strategic investment in pickleball-related businesses, both in equipment manufacturing and infrastructure development. When a major brand commits significant capital and resources to a region, it often accelerates broader ecosystem development including coaching programs, facility construction, leagues and tournament circuits.

Where will small brands go?

In our separate interviews, founders from Friday Pickleball—which recently signed pro players Rohrabacher and Kyle Koszuta as part of its performance market push—and 11SIX24, which signed Dekel Bar, both predicted only a handful of brands would survive the coming consolidation wave. 

Both brands acknowledged they are actively strategizing about how to position their companies for long-term viability in an increasingly competitive and capital-intensive industry.

Will Selkirk be successful abroad?

International expansion carries substantial risks. Cultural differences, price sensitivity, regulatory hurdles, logistics challenges and local competition all create friction that can undermine even well-planned strategies.

Nevertheless, Selkirk and Bluestone appear willing to accept these risks based on a calculation that entering these markets early – even if returns take years to materialize – represents better long-term positioning than attempting to compete in established markets dominated by local or alternative international brands.

The next 18 to 24 months will provide clarity on whether this strategy proves successful. What remains certain is that pickleball's evolution is no longer confined to North America. The sport is entering a global phase, and Selkirk's partnership with Bluestone is the canary in the coal mine of what’s to come. More acquisitions and more international expansion outside of the United States.