Igloo Products Corp. has been acquired by an affiliate of ACON Investments, L.L.C., a Washington, D.C.-based private equity firm.
ACON purchased Igloo from J.H. Whitney, a Connecticut-based private equity firm, which will maintain a small stake in the company. Igloo will continue to be led by Chairman and CEO Gary Kiedaisch and other members of the existing management team, who are also purchasing significant interests in Igloo in connection with the transaction. The company will focus on continued growth in the Outdoors, Housewares and Sporting Goods markets. The terms of the transaction were not disclosed.
“J.H. Whitney has been an excellent partner for Igloo's initial growth strategy helping us achieve exceptional organic growth over the past five years,” said Kiedaisch, of the investment firm which has a long history of investing in outdoor brands. “The entire Igloo management team is looking forward to working with ACON to further grow and leverage the extensive platform the Company has established.”
ACON brings fresh capital and resources to Igloo, including the ability to penetrate new markets and categories through product extensions and acquisitions.
“We are excited to have the Igloo brand and its accomplished leadership team join ACON's portfolio of companies,” said Ken R. Brotman, a Founding Partner of ACON. “The company has demonstrated solid performance through its long-tenured relationships with its customers and has built a strong foundation for continued success and expansion through its core products,” added Brotman.
Based in Texas, Igloo designs, manufactures and markets coolers and other outdoor products and housewares. Founded in 1947, Igloo is responsible for originated the cooler category and has remained the number one cooler brand worldwide.
Founded in 1996, ACON and its principals have managed over $3.0 billion of capital. ACON pursues a theme-based investment strategy by focusing on industries and businesses at key inflection points in their development and pursues these opportunities in close partnership with established management teams. ACON has offices in Washington, Los Angeles, Mexico City, Sao Paulo and Bogota. It has multiple holdings in oil and gas/energy and outdoor advertising, but also has stakes in several retail businesses, including, Spencer Gifts, Spirit Halloween and Peter Piper Pizza