Buyout shop Trilantic Capital has acquired what it says is a “substantial interest” in sports accessories brand Nixon Inc. Trilantic and its affiliates will invest approximately $139 million in the form of convertible preferred stock. Proceeds will be used for expansion.
Trilantic Capital Partners, a global private equity firm, today announced it has acquired a substantial interest in Nixon Inc., a leading brand in the global youth accessories market.
Trilantic is partnering with Nixon’s founders, Andy Laats and Chad DiNenna, who will invest alongside Trilantic in the transaction and current Nixon shareholder Billabong International Limited, a global marketer, wholesaler and retailer in the boardsports sector. Trilantic and its affiliates will invest approximately $139 million in the form of convertible preferred stock to facilitate the company’s global expansion.
Led by a proven management team who founded the business 15 years ago, Nixon has experienced strong growth in sales and global brand awareness with distribution in more than 70 countries for its watches, soft goods, electronics and accessories.
The transaction adds to Trilantic’s portfolio of consumer investments, which include the recent acquisitions of Implus, an innovative leader in the footwear, outdoor and fitness accessories markets, and Fortitech, a worldwide leader in the development of nutritional premixes. Until last year, Trilantic held a substantial interest in SRAM, a global designer and marketer of branded bicycle components.
“Nixon is the preeminent watch and accessories brand in the action sports category with tremendous customer loyalty and momentum. We look forward to working with the Nixon team and partnering with Billabong to deepen Nixon’s roots in action sports and expand the reach of the brand and products into new channels and markets,” said Charlie Moore, partner at Trilantic Capital Partners. “This partnership complements our existing portfolio of consumer companies and highlights our focus on developing long-term plans with founder-run businesses.
Added Laats, “We look forward to our partnership with Trilantic and the opportunity to significantly increase the level of ongoing investment in the business to help us accelerate growth for all products in established and new markets.”
About Trilantic Capital Partners
Trilantic Capital Partners is a private equity firm focused on control and significant minority investments in North America and Europe, with primary investment focus in consumer, energy, transport, financial services and business services. Trilantic Capital Partners was formed in 2009 by the former principals of Lehman Brothers Merchant Banking (“LBMB”), where they established LBMB, and now Trilantic, as a partner of choice for management teams, entrepreneurs and family-owned companies. Trilantic currently manages two institutional private equity funds with an aggregate capital commitment of $3.8 billion.