In a bid to finance its growth plans, Boa Technology Inc. sold a majority stake to Glenbrook Consumer Partners, a San Francisco-based investment firm focused on innovative, high-growth consumer brands.
The companies described Glenbrook’s investment, which was closed May 18 and disclosed last week, as strategic.
“Boa exemplifies all of the elements we seek in a partner,” said Peter Breck, a managing director at Glenbrook Consumer Partners. “It has a highly differentiated product offering, attractive and scalable business model, a large market opportunity and, most importantly, an extremely talented, passionate and high-integrity team.”
Boa Technology began in 1998 as the brainchild of entrepreneur Gary Hammerslag. After recognizing the limitations of traditional shoelaces and other closure systems, he crafted a dial-based prototype that became the Boa Closure System. It has since been incorporated into many premium sports products, including cycling, golf, outdoor, snowboarding and utility footwear as well as helmets and medical bracing.
Boa partners with over 100 premium brands, including K2 Snowboarding, Vans, Footjoy, Specialized, Red Wing, Bata Industrials, TrekSta, Smith, Exos Medical and DeRoyal Medical.
As part of the deal, Hammerslag will remain company chairman and lead Boa’s new European office opening later this year and President Mark Soderberg takes on the additional title of CEO.
“As demand for our system grows, so does our need to expand our resources and capabilities,” said Soderberg. “The Glenbrook team’s long history and proven track record of supporting great management teams to build world-class consumer brands, coupled with their financial commitment, puts Boa in a stronger position to act on opportunities that will help us achieve our goal of placing a Boa-powered product in every life.”