Norwest Equity Partners (NEP), a middle market investment platform founded in 1961, has acquired United Sports Brands (USB), which has a diverse portfolio of sporting goods and active lifestyle brands. The transaction closed on November 20, 2023, and financial terms were not disclosed.
United Sports Brands’ (USB’s) six brands are:
- PEARL iZUMI, performance apparel and footwear for cyclists;
- Nathan, running hydration, visibility, and performance gear;
- Glukos, natural energy products;
- Shock Doctor, mouthguards & protection;
- McDavid, performance and protective brand; and
- Cutters, football gloves and grip technology.
USB products are sold by leading retailers in more than 65 countries, including sporting goods, specialty stores and e-commerce retail channels.
NEP’s history with USB brands dates back to 2008, when it acquired Shock Doctor as part of its consumer products portfolio. During its initial six-year investment period with Shock Doctor, NEP worked together with CEO Tony Armand and management to enhance Shock Doctor’s position as a market leader in the performance and protective equipment category, as well as create and acquire new product lines.
NEP sold Shock Doctor to Bregal Partners in 2014, which subsequently turned into United Sports Brands after expanding the brand portfolio through numerous acquisitions under Armand’s leadership.
Armand joined NEP as a partner in 2018, and with the acquisition of USB, NEP will leverage his experience and knowledge of the business and consumer products industry.
Tony Armand “On behalf of the entire NEP team, we are thrilled to partner with USB again. USB has a rich history of success with a hallmark set of brands for athletes across all levels.
“Continued growth for the company will be driven by new product development, exceptional channel partnerships, and a relentless focus on the athlete.”
NEP’s past portfolio company partnerships in addition to Shock Doctor, include Wahoo Fitness, Pure Archery, Pelican Products, and Michaels of Oregon. NEP’s investment of both capital and resources for USB will be focused on continuing to build the company’s core business and expanding its international reach and footprint.
“We are excited to add another sporting goods and active lifestyle platform to the NEP family of portfolio companies,” said Adam Garcia Eveloff, NEP Managing Director. “NEP is thrilled to have the opportunity to partner again with USB and create long-term value for all stakeholders.”
Baird advised NEP on the transaction, Jones Day was legal advisor to NEP, and BMO and Antares provided the debt financing. Lazard and Jeffries advised USB, which was previously owned by Bregal Partners.
USB headquarters are in Fountain Valley, California, and regional offices are in Boulder, Colorado, Belgium, Japan, and Canada.
