Olivarius Hospitality California has acquired Minneapolis-based Coolibar, a maker of sun-protective clothing and accessories. No financial terms were disclosed. Coolibar was backed by LFE Capital and AAVIN Private Equity. Sonenshine Partners provided financial advice to Coolibar on the transaction.
MINNEAPOLIS, July 14, 2016 /PRNewswire/ — Coolibar, Inc. (“Coolibar”), the leading player in sun-protective clothing, has been acquired by Olivarius Hospitality California, a company owned by Olivier Leclercq.
“We are excited by the opportunity to continue growing our business with a new owner that is deeply passionate about our mission to inspire healthy outdoor living, as well as transforming Coolibar into the global standard for sun-protective clothing,” said Kendra Reichenau, CEO of Coolibar.
Headquartered in Minneapolis, Minnesota; Coolibar designs, manufactures and markets premium sun-protective clothing and accessories. The Company offers apparel for the entire family, focused on fitness, leisure, swimwear and accessories, that provide UPF 50+ protection from ultraviolet rays and is the first clothing company to earn The Skin Cancer Foundation’s Seal of Recommendation.
Coolibar has evolved to be the leader in innovative sun-protective fabric design with fashionable styles in a breadth of sizes from newborn through plus sizes. Coolibar’s apparel makes it easy for any consumer to find quality, long-lasting, sun-protective products, no matter his or her wardrobe needs.
“As a long-time Coolibar customer and active outdoor sportsman, I am deeply committed to the Coolibar mission to provide premium sun protection from the damaging effects of the sun. I look forward to lending expertise in the areas of global expansion and growth strategies from the Minneapolis-based headquarters,” said Leclercq, Chairman of Coolibar.
Leclercq is a successful business man, entrepreneur and former chairman of Decathlon, one of the world’s largest integrated sporting goods retailers. Coolibar’s prior investors led by LFE Capital and AAVIN Private Equity, will be exiting their position in the business through the transaction.
New York-based investment bank Sonenshine Partners served as exclusive financial advisor to Coolibar. Legal advice to Coolibar was provided by Dorsey & Whitney LLP. Legal advice to Olivarius Hospitality California was provided by Seed Mackall LLP.