L2 Capital Partners has recapitalized YakAttack, a Farmville, Virginia-based maker of branded mounted aftermarket accessories primarily used to outfit and rig kayaks for fishing. No financial terms were disclosed.
DEVON, PENNSYLVANIA – December 8, 2021 – L2 Capital Partners, L.P. (“L2” or “L2 Capital”) (www.L2Capital.net) is pleased to announce the recapitalization of YakAttack, LLC (“YakAttack” or the “Company”), a vertically integrated, market-leading designer and manufacturer of branded mounted aftermarket accessories primarily used to outfit and rig kayaks for fishing.
Founded in 2009 by Luther Cifers, and headquartered in Farmville, Virginia, YakAttack is a pioneer in the kayak fishing market. Its highly innovative, patent-protected products are designed and manufactured in the United States and used by kayak fishing participants throughout the world. The Company’s loyal following was organically built by solving problems and elevating the kayak fishing experience, which has enabled YakAttack to become the go-to premium accessories brand in the kayak fishing industry. Participation in kayak fishing has nearly tripled between 2010 and 2019 and now represents approximately 7% of 45 million annual fishing participants. YakAttack is L2 Capital’s second outdoor products platform.
Connor McMahan, Partner of L2 Capital said, “L2 Capital is excited to partner with Luther and the management team to further develop YakAttack as a leading brand in the kayak fishing industry. We seldom see the combination of in-house design, manufacturing and an authoritative brand within a rapidly growing sector, but when we witnessed Luther and his team developing their own molds and tools in-house during the factory tour, we knew that this was a unique opportunity to partner with such a talented team of enthusiasts”
Lorin Wolfe, Partner and Chief Operating Officer of L2 Capital, added, “We’re excited to help YakAttack achieve breakthrough growth through development of a business and organizational strategy focused on leveraging its product development capabilities and expanding its sales channels and distribution networks.”
Luther Cifers, Founder and President of YakAttack said, “I am extremely excited about our new partnership with L2 Capital Partners. L2’s track record of helping founder-led companies maximize their potential is impressive, and their core values and vision for what YakAttack can become really resonated with our team.”
Salem Investment Partners and Oxer Capital provided debt financing and co-invested in the transaction. Terms of the transaction were not disclosed.
About L2 Capital Partners: L2 Capital Partners (www.L2Capital.net) is a boutique lower middle market private equity firm that specializes in making controlling investments in a diverse range of family and founder-built companies with demonstrated market leadership and unlocked potential for growth. L2’s impressive track record over the last decade includes top quartile returns for its portfolio of business services and consumer products companies with enterprise values up to $100 million. L2 Capital adds value by partnering closely with company leadership to meet their strategic and financial goals by providing intimate operational support including a breakthrough growth framework in addition to access to resources and technology gained over 40 years of principal investing experience.