Sleeping Bear Capital has acquired Venice Longboards, a skateboarding e-commerce and lifestyle brand that specializes in electric longboards. No financial terms were disclosed.
SAN FRANCISCO, Feb. 8, 2021 /PRNewswire/ — Sleeping Bear Capital, a founder-focused private equity firm, announced today that it has acquired Venice Longboards, a leading skateboarding e-commerce and lifestyle brand that specializes in electric longboards.
Venice Longboards founder, Brett Casaccio, will continue in his current role and maintain an ownership interest in the company. Following the acquisition, Sleeping Bear will work closely with Casaccio on key growth initiatives.
“We believe Venice Longboards has immense potential as a growing brand in the explosive longboarding segment of the $2 billion global skateboarding industry,” said Ranvir Gujral, Managing Partner of Sleeping Bear Capital. “We share Brett’s ambitious goals for the next chapter of growth at Venice Longboards and appreciate his entrepreneurial drive and passion that grew the business to where it is today.”
Key growth initiatives will include increased investment in the e-commerce platform, growth marketing, customer service, distribution and staffing. In addition, Venice Longboards intends to launch its own branded line of electric and non-electric longboards and accessories, co-developed with skateboarders in Southern California.
“In the Sleeping Bear Capital team, I have like-minded partners who understand our business and are excited to help grow our capabilities,” said Casaccio. “I am truly humbled that Sleeping Bear Capital and Ranvir share my vision for growth and believe in the brand. I’m extremely excited about the future of Venice Longboards under their ownership and look forward to leveraging the benefits of the Sleeping Bear Capital portfolio.”
Casaccio first envisioned Venice Longboards in 2013 when a college roommate was using an electric longboard for his daily commute. He saved up and managed to buy an electric longboard during his senior year at Arizona State University. A few years later, after intense market research and conversations with industry experts as well as budget-limited students, hobbyists and commuters, Casaccio saw that those prospective consumers needed a fun, eco-friendly mode of transportation at a more accessible price — just like he did. By cultivating relationships with manufacturers of electric longboards even before founding the company, he managed to lower wholesale prices and meet customers’ needs for an affordable product.
About Venice Longboards:
Venice Longboards is an electric longboard brand seeking to disrupt the transportation market by providing a vast catalog of affordable e-boards that are eco-friendly and maintain high quality standards for our customers.
About Sleeping Bear Capital:
Sleeping Bear Capital is a founder-first private equity firm that acquires controlling interests in business unit spinouts and venture-backed technology, e-commerce and business services companies seeking founder or investor liquidity and an infusion of new capital to reach their fullest potential.