Elite Sports, which is backed by The Riverside Company, has acquired Virginia Beach, Virginia-based Dreamlight Activewear, a maker of gymnastics clothing. No financial terms were disclosed.
The Riverside Company tumbled for Dreamlight Activewear, making it an add-on to its Elite Sportswear platform. Based in Virginia Beach, Dreamlight Activewear specializes in designing and producing high-end, customized gymnastics apparel with high-performance requirements.
Elite, based in Reading, Pennslyvania, designs, manufactures and distributes gymnastics, cheerleading, and swimwear apparel and related products.
“Dreamlight Activewear is a well-respected brand in the gymnastics market, with great designs and custom capabilities,” said Riverside Managing Partner Suzy Kriscunas. “This is a great addition to Elite’s suite of products.”
Dreamlight was founded in 1989 and built its reputation on superior designs, innovation and great customer service.
“We’re very excited about adding blue-chip products and customers to the Elite portfolio,” said Riverside Partner Karen Pajarillo. “Customers of both companies will enjoy broader product offerings and an excellent customer experience.”
Riverside and Elite continue to seek acquisitions to build Elite’s diverse line of high-performance sportswear products and services for niche sports.
Working with Kriscunas and Pajarillo on the deal were Principal Brad Roberts, Associate Jon Gross, Associate Harrison Petts, Operating Partner Mike Thompson and Operating Executive Finance Allison Zabransky. Partner Anne Hayes worked on financing the transaction for the firm.
About The Riverside Company
The Riverside Company is a global private equity firm focused on acquiring and investing in growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 470 transactions. The firm’s international portfolio includes more than 80 companies.