Active Ride Shop has received an undisclosed investment from Tengram Capital Partners with a plan to accelerate its expansion. As a part of Tengram’s investment, Rick Mina, a former Foot Locker executive, will join the action sports chain’s board and advise the Active management team on its growth strategies.
Mina’s past positions include president and CEO of both Foot Locker (North America and Europe) and Champs Sports. As a partner at Goode Partners, an equity firm based in New York City, in early 2013 he spearheaded a substantial investment in Sneaker Villa, a 60-store athletic footwear chain.
Active, based in Rancho Cucamonga, CA, currently has 21 retail locations throughout Southern California and a strong and growing ecommerce business at activerideshop.com. With the new investment partner, the company plans to add more than 30 new doors in the next few years.
The backing will also allow the company to expand its partnerships with authentic skate and snow brands. It continues to support a number of top skateboarders, including Anthony Schultz, Brian “Slash” Hansen, Collin Provost, Daniel Lutheran, Guy Mariano, Justin “Figgy” Figueroa and Terry Kennedy.
Active Ride Shop, founded in 1989, filed for bankruptcy proceedings in 2009, impacted by the recessionary climate and over-expansion. But it was quickly acquired in a bankruptcy auction by Active Sports Lifestyles USA, run by real estate and hotel developer Issa Ladha. Esmail Mawjee, a former colleague of Ladha, soon became Active’s president, replacing founder John Wallace. The new owners wound up retaining Active Ride Shop’s store base after rent renegotiations and reportedly bought the company back to profitability.
Tengram, a private equity firm that focuses exclusively on middle-market consumer and retail companies, is investing in Active to provide the company with the resources needed to more rapidly expand its business.
“I am very excited about the potential of this partnership between Active Ride Shop and Tengram Capital Partners,” said Mina. “The Active management team has a strong knowledge and understanding of the core consumer and the industry. Together, I believe this business can achieve significant growth in both its retail and e-commerce businesses.”
Mawjee said, “The Active brand has a very loyal following of customers that return to our shops for the unique experience that’s tied to our roots in skate and snow. Tengram recognized the strength of the Active brand and its unique culture and their investment will support the company in reaching its growth potential.”
Previous and current investments for Tengram and its predecessor investment entity, Windsong Brands, LLC, include Deva Curl, Laura Geller Beauty, NEST Fragrances, Sequential Brands Group, Robert Graham, Joe Boxer, Joe’s Jeans, Field & Stream, and Design Within Reach.
Richard Gersten, partner of Tengram, stated “We have tremendous respect for what Esmail and the Active team have been able to accomplish with the Active brand given its limited resources. We intend to more rapidly grow this business consistent with the company’s focus on its core action sports consumer. Active has always been an influencer in this community.”
