POW Inc., which started in 2002 as a glove company that went on to equip the U.S. and Canadian Olympic snowboarding teams, has secured $2.5 million from Seattle-based investment firm Columbia Pacific Advisors to continue to develop innovative brands in the active outdoor apparel market.
Headquartered in Seattle’s Ballard neighborhood, POW Inc., now operates three apparel brands catering to skiers, snowboarders and outdoor sports enthusiasts: POW Gloves, Holden Outerwear and Spacecraft. The combined company sells outdoor sports apparel in more than 35 countries around the world.
The $2.5 million in financing from Columbia Pacific Advisors will enable the company to expand its customer base, enter new markets, upgrade the supply chain and customer-service operations, and continue its role as a creative conglomerate among unique active sports brands.
All three of our brands were created by Northwest entrepreneurs, eager to disrupt the marketplace with products that have a style and functionality all their own, said Greg Danielson, CEO of POW Inc. The investment from Columbia Pacific Advisors will allow us to expand our role as one of the leading providers of winter sports apparel in the world and also seek new brands to acquire.
While Danielson leverages his 30 years of executive experience to manage the strategic and day-to-day operations of the firm, the founders of the three POW brands remain focused on product innovation and customer outreach.
POW Inc. is an ideal partner for us because of the team’s ability to innovate and reach younger customers in the fast-growing and multi-billion-dollar outdoors sports market, said Kevin Barber, Managing Director of Columbia Pacific’s growth capital team. Winter sports brands are driven by personality and passion, and POW knows how to cultivate that production and creativity.
Columbia Pacific Advisors growth capital fund addresses an underserved segment in the growth-stage financing market. The fund invests in rapidly expanding technology, business services and consumer products companies that dont meet the rigid lending requirements of a bank but dont want to give up control and equity to venture capital and private equity firms. Instead Columbia Pacific structures tailored financing facilities, using both debt and equity, to match the specific needs of the expanding company.
Last year, POW Gloves bought Holden Outerwear and Spacecraft and created POW Inc. as the parent company for the three brands, which were all founded in 2002. Spacecraft makes headwear and other accessories.
POW Inc. is the exact type of company we like to work with, said Barber, from Columbia Pacific. Theyre an entrepreneurial team that has successfully completed the initial stages of founding a creative company and theyre now ready for the next step: sustainable growth.
Columbia Pacific intends to expand its growth capital investment efforts and expects to invest up to $100 million in expansion-stage companies from this fund and other investment vehicles. Current and former portfolio companies include ComiXology; Blue Box Group; World CNG; Next IT; Lighthouse eDiscovery; and Northeast Wireless Networks.
POW Gloves was founded by Dustin Goss just after he graduated from business school at University of Washington; Holden Outerwear was co-founded by legendary snowboarder Mikey LeBlanc, and Spacecraft is an art-based, handmade product company founded by Fulbright Scholar Stefan Hoffman that focuses on making unique headwear and innovative accessories using progressive imagery.
About Columbia Pacific Advisors:
Columbia Pacific Advisors, LLC is an SEC-registered investment advisor that manages more than $850 million across a variety of alternative investment strategies including real estate, public and private equity, distressed debt and special situation lending.
Columbia Pacific’s growth capital strategy is run by Kevin Barber and Jeff Schrock, who have more than 40 years combined experience as tech entrepreneurs, investors and executives at such companies as Intel Capital, Yahoo!, Comerica Bank, Northwest Venture Associates, Real Networks, Visio, Hewlett Packard and Activate.