Evolv Sports & Designs has landed an equity investment from the same investment group that owns Royal Robbins and granted an equity stake to pro climber Chris Sharma, who has helped design the company's climbing shoes.
Bruckmann, Rosser, Sherrill & Co. (BRS), a New York-based private equity firm, announced Thursday it completed an investment in Evolv through BRS Outdoor Holdings LLC, which also owns Royal Robbins, the travel and outdoor apparel brand. Financial terms of the transaction were not disclosed.
Evolv’s co-founder, Brian Chung, will continue in his role as president and remain a significant shareholder of the company following the transaction.
In addition, the company will continue its relationship with Sharma, who is recognized as the leading climber in the history of the sport. Sharma will continue to design a Signature Series of Evolv shoes and will become an equity owner of the company.
“The investor group is committed to ensure that all products carrying the Evolv brand are executed with the unique style and technical detail the brand embodies,” said Sharma.
Chung said he was pleased to partner with BRS due to its extensive experience in the outdoor sector and ability to provide valuable strategic guidance.
Chung said he was pleased to partner with BRS due to its extensive experience in the outdoor sector and ability to provide valuable strategic guidance.
“We are also excited to deepen the company’s relationship with Chris Sharma, who has been an important contributor to the building of the Evolv brand,” Chung said. “I am confident that the company will continue its track record of successful product introductions such as the Cruzer and more Sharma Signature Series shoe models.”
Base in Buena Park, CA, Evolv designs, produces and sells rock climbing, approach and lifestyle footwear, along with related accessories and apparel. The company is one of the leading brands in the global rock climbing shoe market and produces the top selling model in the U.S.
Base in Buena Park, CA, Evolv designs, produces and sells rock climbing, approach and lifestyle footwear, along with related accessories and apparel. The company is one of the leading brands in the global rock climbing shoe market and produces the top selling model in the U.S.
Stephen Sherrill, co-founder and Managing Director of BRS, said the investment group have been very impressed with the accomplishments of Chung, Sharma and the rest of the Evolv team in building an enthusiast and authentic brand.
“We look forward to supporting the Company’s growth strategy of staying focused on being a core performance climbing shoe company while expanding into other outdoor related product categories,” Sherrill said.
Kirkland & Ellis LLP acted as legal advisor to BRS. Moss Adams Capital, LLC acted as the financial advisor and Procopio, Cory, Hargreaves, & Savitch, LLP acted as legal advisor to Evolv.
About Bruckmann, Rosser, Sherrill & Co.
BRS is a New York based private equity firm with $1.4 billion of committed capital under management in three investment partnerships, focused on investing in middle market consumer goods and services businesses. Since 1996, BRS has purchased over 40 portfolio companies for aggregate consideration of over $6.4 billion. In addition, BRS portfolio companies have completed approximately $1.9 billion of add-on acquisitions. Prior to forming the firm, the founders of BRS were in the private equity business at Citicorp Venture Capital where they closed 25 transactions with aggregate transaction values totaling $5.8 billion.
About Bruckmann, Rosser, Sherrill & Co.
BRS is a New York based private equity firm with $1.4 billion of committed capital under management in three investment partnerships, focused on investing in middle market consumer goods and services businesses. Since 1996, BRS has purchased over 40 portfolio companies for aggregate consideration of over $6.4 billion. In addition, BRS portfolio companies have completed approximately $1.9 billion of add-on acquisitions. Prior to forming the firm, the founders of BRS were in the private equity business at Citicorp Venture Capital where they closed 25 transactions with aggregate transaction values totaling $5.8 billion.
