Less than a year after it was purchased by J.H. Whitney Capital Partners LLC, watersports company Confluence Outdoor has acquired Boardworks, a paddle board maker. Terms of the deal, which was announced after the stock markets closed on Jan. 5, remain undisclosed.
Greenville, South Carolina-based Confluence owns eight paddle sports brands: Adventure Technology, Bomber Gear, Dagger Kayaks, Harmony Gear, Mad River Canoe, Perception Kayaks, Wave Sport Kayaks and Wilderness Systems. Buying Boardworks allows Confluence to expand offerings to the West Coast. In addition to paddle boards, Boardworks’ product line includes surf boards and other accessories under brand names, including Infinity, Badfish, Morrelli & Melvin, Hynson, Strive and Hansen.
Boardworks' operations will continue to be based in Carlsbad, California. Mike Fox, owner of Boardworks, has agreed to remain with the company as a consultant to assist with the transition after the deal closes. Investment boutique Moss Adams Capital LLC advised on the sale, while law firm Procopio Cory Hargreaves & Savitch LLP handled legal matters for Boardworks.
The deal follows a string of other deals sourced from retailers that specialize in the outdoors. Recent buyers included Bass Pro Group LLC, FinishLine Inc. (Nasdaq: FINL) and Kent International Inc. Athlete's Performance Inc., which began doing business in 2014 as Exos, closed a deal in December for MediFit, a provider of fitness and wellness center services. That acquisition followed Bass Pro's buying Fishing Holdings LLC from Platinum Equity. Finish Line's Running Specialty Group recently purchased Run Colorado, a group of specialty shops and retail stores, based in Greenwood Village, Colorado. Meanwhile, Stoneridge Cycle Ltd., a bicycle supplier based in Ontario, agreed to sell to Kent International.