Saxx Underwear attained a significant investment from Brentwood Associates, the consumer-focused private equity investment firm.
Headquartered in Vancouver, Canada, Saxx is led by chief executive officer Tim Bartels, who previously worked with Columbia Sportswear, Keen, DC Shoes and Nike. The company was acquired in 2010 by a group of private investors, who will collectively remain the majority shareholder following this transaction.
The company has exceeded 75-percent annual growth annually since 2012.
In partnership with Brentwood, Saxx will seek to broaden its product portfolio, enhance its digital presence and expand its international distribution.
Commenting on the new partnership, Bartels said, “As one of the fastest growing brands in our space, we are excited to partner with the Brentwood team to continue that momentum. Their track record of success in the consumer space and extensive experience partnering with multi-channel brands will be a great asset as we extend our leadership position in the market.”
Bartels continued, “With a nearly $50 million cash infusion from Brentwood, we are eager to build upon Saxx’s strong foundation and continue to fuel our core growth strategies, ultimately providing greater value and variety for our customers. Our new product pipeline is robust, and the support and enthusiasm from our customers has never been higher.”
Terry Holland, Saxx’s chairman, said, “When we began this process to raise outside capital, we established a number of guiding principles for selecting the best partner for our next phase of growth. We met several very high quality firms with valuable perspectives and learned a lot from that process. We are, in the end, particularly pleased to be working with Brentwood.”
Eric Reiter, partner at Brentwood, commented, “Saxx fits perfectly with our strategy of investing in growing, lifestyle brands that foster consistently high customer loyalty while delivering strong, profitable growth. We will continue to support the company in such areas as product innovation, targeted print and digital marketing and operational excellence across its global distribution and fulfillment platform. We look forward to working with Tim and his leadership team to build upon their tremendous success and the impeccable reputation they have established within their core market.”
Saxx is the ninth investment by Brentwood Associates’ latest fund, Brentwood Associates Private Equity V, L.P., which held a final close in December of 2014. Other current and prior apparel investments include Allen Edmonds, Ariat International, Filson, J.McLaughlin, Soft Surroundings and Sundance Catalog.
Saxx received investment banking advice from Lazard Middle Market and legal advice from DLA Piper. Brentwood was represented by Perkins Coie LLP.
Photo courtesy Saxx
