Seacoast Capital has invested $9.5 million in The Wing Group. Based in Lafayette, California, Wing is a maker of high-performance collars for rigid hull inflatable boats and a builder of inflatable watercraft.
July 9, 2019 – San Francisco, California. Seacoast Capital (“Seacoast”), a lower middle market non-control growth capital investor, announced today its $9.5 million subordinated debt with warrants and common stock investment in The Wing Group (“Wing”). Founded in 1997, and based in Lafayette, California, Wing manufactures high-performance collars for rigid hull inflatable boats and builds inflatable watercraft designed to perform in the most challenging marine environments. Seacoast’s investment was used to assist Wing in its acquisition of Mustang Survival.
For the last two decades, Wing has been a pioneer in the use of polyurethane coated fabric and thermo-welded air-holding seams used for commercial, professional, recreational, and military marine equipment. As a result, the Company has attracted the U.S. Department of Defense and some of the most demanding commercial marine operators around the world as customers. Wing’s success has allowed the Company to expand into Europe through its acquisition of Henshaw Inflatables and to extend product lines into life rafts through its acquisition of the Patten Company. By acquiring Mustang, Wing continues extending product lines into mission critical safety products and survival gear designed for elite professional, recreational, and government users.
“Seacoast Capital’s investment in Wing is consistent with our focus on highly differentiated product and service companies with experienced management teams fully committed to the future growth of the business,” said Jeff Holland, a Partner at Seacoast. “In addition, the Wing and Mustang brands are well recognized globally as providers of the highest quality marine inflatable products and components by the most demanding customers. Wing is an exciting Company, and an exciting opportunity for Seacoast.”
Andrew Branagh, CEO of Wing, stated “We had known Seacoast Capital and its principals for some time and thought of them first when our need for growth capital arose. Along the way, they kept their word and met our timeline for their diligence and investment. We look forward to working with them in the years to come.” Added Mark French, Wing CFO, “The Seacoast team was a pleasure to work with from start to finish. Our capital structure was an iterative process, and their creativity and flexibility helped us to quickly get to the finish line to complete the Mustang acquisition.”
About The Wing Group
The Wing Group is privately owned and includes Wing Inflatables, Henshaw Inflatables, Patten Company, FabTek Industries, and Mustang Survival. The Wing Group is the industry leader in manufacturing sponsons, inflatable craft, and more. For over 20 years, Wing’s innovative use of polyurethane and pioneering of new technology have led to the development of sponsons and boats that are lighter, last longer, look better, and outperform the competition.
About Seacoast Capital
Founded in 1994, with offices in Boston, MA and San Francisco, CA, Seacoast Capital invests non-controlling growth capital in partnership with management in lower middle market private companies. Seacoast is industry agnostic and typically invests $5 million to $25 million of capital in companies with $10 million or more in revenue and $2 million or more of EBITDA. Capital is used to support growth, refinancings, acquisitions, family ownership and wealth transfers, shareholder liquidity events, and partnership or management buyouts. Geographically, Seacoast invests anywhere in the United States. Since its inception, Seacoast has managed over $600 million of capital, which the firm has invested in 75 non-controlling transactions. Now managing its fourth fund, Seacoast Capital Partners IV, L.P., the firm continues to actively seek new investment opportunities. Learn more by visiting www.seacoastcapital.com.