Boa Technology Inc. disclosed that it received funding last month from Glenbrook Consumer Partners, a San Francisco-based investment firm that finances innovative, high-growth consumer brands.
The agreement, finalized May 18, includes a strategic majority
investment to accelerate Boa’s brand growth. “Boa exemplifies all of the
elements we seek in a partner,” says Peter Breck, a managing director
at Glenbrook Consumer Partners. “It has a highly differentiated product
offering, attractive and scalable business model, a large market
opportunity and, most importantly, an extremely talented, passionate and
high-integrity team.”
Boa Technology began in 1998 as the brainchild of entrepreneur Gary Hammerslag. After recognizing the limitations of traditional shoelaces and other closure systems, he crafted a dial-based prototype that became the Boa Closure System. Now the gold standard of closure, it appears in numerous footwear categories including cycling, golf, outdoor, snowboarding, utility as well as helmets and medical bracing.
Boa partners with over 100 premium brands, among them: K2
Snowboarding, Vans, Footjoy, Specialized, Red Wing, Bata Industrials,
TrekSta, Smith, Exos Medical and DeRoyal Medical.
“As demand for our system grows, so does our need to expand our
resources and capabilities,” says Mark Soderberg, Boa’s CEO. “The
Glenbrook team’s long history and proven track record of supporting
great management teams to build world-class consumer brands, coupled
with their financial commitment, puts Boa in a stronger position to act
on opportunities that will help us achieve our goal of placing a
Boa-powered product in every life.”
“We look forward to working with Boa’s management to build the Boa
brand, introduce more users to the Boa Closure System and help deepen
its relationships with both brand partners and end users,” says
Glenbrook principal Trevor Ashley.
In conjunction with this transaction, long-time Boa President Mark
Soderberg assumes the additional role of CEO. Founder Gary Hammerslag
will remain company chairman and lead Boa’s new European office opening
later this year.
Middle-market investment banking firm Integris Partners and the law
firm Patton Boggs, LLP advised Boa Technology. Brownstein Hyatt Farber
Schreck, LLP provided legal counsel to Glenbrook.
Based in San Francisco, Glenbrook Consumer Partners, LLC, is an
investment firm focused exclusively on financing entrepreneurs building
innovative, high growth consumer brands. Glenbrook makes equity
investments of $10 million to $40 million in growth equity transactions
and minority and majority recapitalizations. Glenbrook targets
profitable branded consumer companies with revenues between $10 million
and $100 million that have creative and passionate management teams with
proven revenue momentum and significant long-term growth potential. The
Glenbrook team has worked together at Rosewood Capital, a private
equity firm founded in 1986 and focused on consumer growth equity
investments, whose investments include Clarisonic, Jamba Juice, and
Under Armour.
Website: http://www.boatechnology.com/
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