Stripes Group has taken a majority stake in Voyetra Turtle Beach, a maker of gaming headsets, via a recap. Stripes Group is a New York private investment firm. News of the deal was announced by Cascadia Capital, an investment bank, which advised Turtle Beach.
Cascadia Capital, a diversified, boutique investment bank serving both private and public growth companies around the globe, today announced it advised Voyetra Turtle Beach, Inc., one of the world’s largest manufacturers of gaming headsets, through its recent private equity recapitalization. As a result of the transaction, Stripes Group made a majority investment in Turtle Beach. Stripes Group makes $10 to $100 million minority or majority investments in rapidly growing and profitable Internet, software, technology-enabled and branded consumer businesses.
“Cascadia Capital proved early on that it was the ideal partner for Turtle Beach based on its significant network of relationships with strategic purchasers and private equity firms,” said Carmine Bonanno, CEO of Turtle Beach. “Cascadia’s domain expertise, thorough approach and experience in structuring sophisticated deals enabled us to drive the best outcome for our business, and position the company for continued growth and success.”
With more than three decades in the industry, Turtle Beach designs, manufactures and markets high quality headsets for video game consoles and personal computers. The company is acclaimed worldwide for its growing line of Ear Force® headphones, which are designed for the uncompromising gamer who demands the best audio experience possible. Turtle Beach products are available at major retailers, including Best Buy, Target and Walmart, across the United States, United Kingdom, Australia, Canada, France, Italy, and Spain. The investment from Stripes Group will enable Turtle Beach to expand its support of diverse gaming platforms and focus on growing its business internationally.
“The team at Cascadia Capital did an exceptional job of identifying a match between Stripes Group and Turtle Beach,” said Ken Fox, managing partner at Stripes Group. “Turtle Beach’s explosive growth and industry leadership perfectly align with our passion for supporting the development of great consumer and technology businesses. This transaction reflects our commitment to investing in rapidly growing companies that are looking to accelerate their market leadership.”
“As evidenced by the multiple bidders at the table, Stripes Group’s investment in Turtle Beach represents a landmark deal in the gaming sector,” said Kevin Cable, executive vice president at Cascadia Capital. “The deal showcases Cascadia’s proven expertise and far-reaching relationships in the technology industry, and our in-depth understanding of the market dynamics shaping this rapidly growing sector.”
About Stripes Group
Stripes Group, founded in 2003 and based in New York, is a private investment firm focused on growth-stage minority and majority investments in rapidly growing and profitable Internet, software-as-a-service (SaaS), technology-enabled services and branded consumer products companies. Stripes Group typically partners with founder-owned and operated companies that have had no prior institutional investors. For more information on Stripes Group, visit www.stripesgroup.com.
About Cascadia Capital, LLC
Cascadia Capital is a diversified, boutique investment bank serving both private and public growth companies around the globe. Cascadia’s business is diversified in terms of the industries the firm covers — Information Technology, Sustainable Industries and Middle Market — and in terms of the range of advisory services it provides — Mergers and Acquisitions, Corporate Financing and Strategic Advising. This diversification provides the firm with stability amidst market fluctuations. Cascadia is a pure advisory firm, and unlike other investment banks, is not conflicted by trading, lending, research or cross selling business. For over a decade, the firm has delivered the best outcomes for clients based on its transaction experience, domain expertise and commitment to building long-term relationships. Cascadia always acts in the long-term interests of clients, and honors its position as a trusted advisor. For more information, visit http://www.cascadiacapital.com.