01/19/17 by Doris Dorbian for The PE Hub Network
~~Falconhead Capital and M3 Outdoor Investments has acquired Colorado-based Kwik Tek Inc, a provider of outdoor branded products for the recreational water sports and winter sports markets. No financial terms were disclosed. Lazard Middle Market LLC provided financial advice to Kwik Tek on the transaction.
NEW YORK, Jan. 19, 2017 /PRNewswire/ — An investment group led by Falconhead Capital, LLC, a sports, leisure and lifestyle focused private equity firm, alongside M3 Outdoor Investments led by BLACKHAWK! founder and long term industry leader Michael Noell, today announced that it has acquired Kwik Tek, Inc. The terms of the transaction were not disclosed.
Based in Colorado and founded in 1991, Kwik Tek, Inc. (www.kwiktek.com) is a leading designer and supplier of outdoor branded products for the recreational watersports and winter sports markets. Its product line includes towables, inflatables, life jackets, wakeboards, kneeboards, snowshoes, trekking poles, snow sleds, pool floats, lounge items, and related accessories. Kwik Tek supplies products through their trusted consumer brands including Airhead, Sportsstuff, and Yukon Charlie’s. Aaron Kramer, founder, CEO and President of Kwik Tek said, “I am excited to be partnering with Falconhead Capital and M3 Outdoor. Their market expertise makes them the perfect partners to help ensure that even more people can enjoy our exciting products. The dedication and hard work of Kwik Tek’s employees have built our brands into what they are today. We look forward to building on our past successes and the opportunities that lay ahead.”
David S. Moross, Chairman and CEO of Falconhead Capital, added, “We are thrilled to announce this transaction and to partner with Aaron Kramer and Mike Noell to enhance the value of Kwik Tek for the benefit of all its stakeholders. Kwik Tek’s leadership team has done a tremendous job growing the Airhead, Sportsstuff, and Yukon Charlie’s brands all while developing a scalable multi-channel distribution footprint. Kwik Tek offers a strong platform to innovate and enhance its already exceptional brands. This will provide the foundation to accelerate growth and offer substantial upside through various paths of expansion.”
Investment banking firm Lazard Middle Market, LLC acted as exclusive financial advisor to Kwik Tek. The law firm Greenberg Traurig, LLP served as legal counsel to Falconhead Capital. JPMorgan provided senior revolver financing for the transaction and LBC Credit Partners provided senior term financing.
About Falconhead Capital (www.falconheadcapital.com)
Falconhead Capital, LLC is a middle market private equity firm established in 1998 to provide investors with significant long-term capital appreciation by investing in consumer sports, leisure and lifestyle businesses. Falconhead’s current portfolio includes GPS Industries, Javo Beverage Company, and Multi-Flow Industries. Past Falconhead investments include, among others, NYDJ Apparel, Rita’s Water Ice, Competitor Group, Escort Holdings, National Powersport Auctions, Maritime Telecommunications Network, and ESPN Classic Europe, Golf Warehouse.com and Tickets.com