By Monica Mendoza for Denver Business Journal
01/19/17 -- A Denver-based outdoor company has been acquired by a New York investment group that sees the outdoor product area taking off exponentially in the next five to 10 years.
Kwik Tek, Inc. was acquired by Falconhead Capital, LLC, a middle market private equity firm that specifically seeks out sports, leisure and lifestyle focused ventures. Another partner is Virginia-based M3 Outdoor Investments, which is led by the former CEO and founder of BLACKHAWK! Products Group, Michael Noell.
Terms were not disclosed.
Kwik Tek -- which manufactures Airhead and SportsStuff products -- was founded in 1991 and is a distributor and supplier of outdoor branded products for recreational water sports and winter sports marketrs. Its products include towables, inflatables, life jackets, wakeboards, kneeboards, snowshoes, trekking poles, snow sleds, pool floats, lounge items and related accessories.
Kwik Tek's Aaron Kramer will stay on as CEO.
"Their market expertise makes them the perfect partners to help ensure that even more people can enjoy our exciting products," Kramer said.
Falconhead Capital CEO, David Moross, said he was attracted to the Colorado company because it had been well-managed and was growing organically 17 to 20 percent a year. It already was expanding into new warehouse space and has roughly 1,500 products.
"By my judgment call, those trends are not going to slow down," he said.