North Castle Partners said it made an investment of growth capital in Chicago-based Ignite USA, LLC, the maker of Contigo and Avex thermal mugs and hydration bottles. While declining to disclose terms of the deal, the Greenwich, CT private equity firm did say it partnered with Ignite CEO and Owner Sami El-Saden on the transaction.
“We are excited to partner with another impressive entrepreneur in the second investment from our NCP V fund,” said Chip Baird, a managing partner with North Castle, which focuses on consumer product companies in the healthy, active and sustainable living space. We look forward to working with Sami and the Ignite team in building a global leader in two of the fastest growing segments of the housewares industry.
Chicago–based Ignite sells its products, which include Avex- and Contigo-branded water bottles, in more than 50 countries through the club, mass, sporting goods and specialty channels as well as via exclusive partnerships.
North Castle invests in high-growth, middle market companies in the beauty and personal care, consumer health, fitness, recreation and sports, home & leisure and nutrition sectors. Current holdings include Performance Bicycles, Octane Fitness and Ibex Outdoor Clothing. Prior portfolio company holdings include Atkins Nutritionals, Bora-Bora Organic Foods, gloProfessional, Equinox Fitness, EAS, Enzymatic Therapy, CRC Health Group, Doctor’s Dermatologic Formula, Naked Juice Company, and Avalon Organics/Alba Botanicals. In 2012, the company sold lacrosse gear maker Cascade Sports to Bauer Performance Sports Ltd. for $64 million.
