Christy Sports will ramp up store openings and acquisitions after selling an equity stake to Norwest Equity Partners (NEP), which has helped build and sell such brands as Shock Doctor and Savage Arms.
Based in Lakewood, CO, Christy Sports sells and rents ski and snowboarding gear and outdoor furniture from about 40 stores in ski resorts in Colorado and Utah and multiple websites. While the companies did not disclose financial details of the Oct. 27 transaction, NEP described its investment as “significant.”
Founded in 1958, Christy Sports is the largest privately-held specialty retailer of ski and snowboard equipment, apparel, accessories and related custom fitting, mounting, tuning and repair services in the Rocky Mountain region. NEP will work with Christy Sports CEO Patrick O'Winter and his management team to accelerate the company’s growth plans.
“Christy Sports has done an excellent job over the years fostering trusted and lasting customer relationships and positioning itself as the 'go-to' rental and retail center for snow sports enthusiasts,” stated Todd Solow, a NEP partner and Christy board member. “We are excited to work with Patrick and his management team to significantly grow the business through geographic expansion and add-on acquisitions and feel confident that the combination of our capital and industry expertise will help Christy to continue gaining market share.”
NEP said Christy’s tenured front-line employees and longstanding relationships with snow sports enthusiasts give it early insight into the latest product trends and that it has “positioned itself to be a trendsetter in apparel and accessory lines, operating with sufficient scale to take on a higher degree of risk relative to its competition.”
NEP has been investing in growing and profitable middle market companies since 1961. It currently owns a stake in Bowtech and has exited investments in several successful sporting goods companies including Shock Doctor Sports in 2014, Savage Sports Corporation in 2013 in 2013, Lifetime Fitness in 2006 and Pelican Products in 2004.
ICR Partners and Goldberg Kohn LTD. advised Christy Sports on the transaction; Winston & Strawn provided legal services for NEP.
