Private equity firm Cortec Group has backed YETI Coolers, a provider of premium coolers, headquartered in Austin, TX. Harris Williams & Co acted as the exclusive advisor to YETI.
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces that YETI Coolers, LLC (YETI), the leading provider of premium coolers, has partnered with Cortec Group (Cortec). Harris Williams & Co. acted as the exclusive advisor to YETI. The transaction closed on June 15, 2012, and was led by Cheairs Porter from the firm’s Richmond office and Ryan Budlong from the firm’s Minneapolis office.
“We are thrilled to have found a partner for the YETI management team that shares its vision for continued impressive growth. YETI pioneered the high-end cooler market with innovative products that are extremely durable, premium priced and viewed as a “badge of honor” among its rapidly growing customer base,” said Cheairs Porter, a managing director at Harris Williams & Co.
“YETI’s partnership with Cortec represents a tremendous outcome for all parties involved, and we look forward to tracking the continued success of YETI. We are witnessing exceptionally strong demand from both strategic and financial buyers for enthusiast brands in the consumer sector,” added Ryan Budlong, a vice president at Harris Williams & Co. and member of the firm’s Consumer Group.
YETI, headquartered in Austin, TX, is a provider of premium coolers. The company’s products are sold through a large network of specialty dealers as well as national outdoor sporting goods chains. YETI enjoys a broad customer base within the hunting, fishing and outdoor recreation markets, as well as from a growing base of customers in a variety of other markets, including oilfield supply, construction, farming and agriculture supply, law enforcement, medical and others.
Cortec is a New York-based private equity firm that acquires high value-added, lower-middle market specialty manufacturing, distribution and service businesses with leadership positions in their market niches. Cortec manages approximately $750 million of committed capital that it uses to acquire platform companies with enterprise values of $40 million to $300 million as well as smaller follow-on acquisitions.
Harris Williams & Co., a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.
Harris Williams & Co.’s Consumer Group has completed over 100 transactions across a variety of verticals including food, beverage and agribusiness; restaurants and retail; branded and private consumer products; and consumer services. For more information on our consumer experience, please contact Glenn Gurtcheff, Tim Alexander, Ryan Budlong, Brant Cash, or Jeff Cleveland at +1 (612) 359-2700.
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