Norwest Equity Partners has picked up a stake in ski and snowboard equipment retailer Christy Sports, as active lifestyle businesses continue to drive dealmaking.
Christy, headquartered in Lakewood, Colorado, sells equipment, apparel and accessories, plus provides tuning and repair services in the Rocky Mountain region (online and through more than 40 stores). The company also sells outdoor furniture. Terms of the transaction were not disclosed.
"Christy offers a value proposition that satisfies this consumer retail market opportunity as evidenced by its brand equity and established loyal base of customers," says Norwest partner Brian Allingham.
The deal comes one day after Johnson Outdoors Inc. (Nasdaq: JOUT) agreed to buy Seabear Gmbh, which makes smart watches and other underwater equipment for scuba divers.
Minneapolis private equity firm Norwest has made several consumer investments over the years, including: archery equipment-group Bowtech; reading-glasses seller Eyebobs; health care and pharmacy business Apothecary Products; sports-product line Shock Doctor, which it sold to Bregal Partners in 2014; language-learning service Rosetta Stone; carpet distributor Stanton Carpet; and mattress business Select Comfort.
Norwest, in April, raised a $1.6 billion buyout fund and an $800 million mezzanine fund. The buyout fund, Norwest Equity Partners X LP, will invest $30 million to $250 million per deal, and the mezzanine fund will expend between $20 million and $75 million per transaction.
As consumer interest in healthy and active living continues, lifestyle brands keep inspiring transaction activity. Before the Johnson's acquisition, Saban Brands picked up surf brand Piping Hot, and Bruckmann Rosser Sherrill & Co. added race-car products maker Simpson Performance Products Inc. For more on the trend, see Retail M&A: Time-Tested Brands Sell.