Innovatus Capital Partners LLC said it has acquired substantially all of Kranos Corporation’s assets, IP and brands including Schutt, ProGear Shoulder Pads, Tucci Bats, Hollywood Bases, and Adams USA.
Innovatus Capital has formed Certor Sports, LLC, a subsidiary to consolidate sporting goods brands faced with challenges due to COVID-19 and the corresponding disruption in youth, collegiate and professional sports. Earlier this year, Certor Sports, through its subsidiaries, also acquired the assets of football helmet startup Vicis.
“Certor Sports will leverage the strengths of Vicis, Schutt and its other brands to offer a broad scope of sporting goods in the marketplace,” said Ravi Bhagavatula, partner and head of the Lower Middle Market Distressed Strategy at Innovatus.
All brands in the portfolio, including Schutt, will continue under the new ownership, with the same insurance and product design warranties, sold through its sales organization. Certor Sports will continue to provide sports equipment and reconditioning services to schools and sports leagues previously serviced by Kranos Corporation.
“The difference now,” said Bhagavatula, “is that Certor Sports is well-positioned to enhance operations, launch new products, pursue new business ventures, fund growth, and expand rapidly into new markets. The cross-pollination of technologies between Schutt and Vicis makes for an exceptional platform.”
Certor intends to expand Schutt’s UR1 custom-configured helmets’ technology into baseball, lacrosse, hockey, action sports, and other protective gear.
“Despite the significant decline in youth sports participation, the Schutt brand experienced the great sell-through numbers for high-end sports retailers such as Dick’s, Academy and online retailers such as Amazon. Schutt helmets and Pro Gear shoulder pads can be seen every weekend at the highest levels of competition,” said Kip Meyer, GM, Certor Sports’ subsidiary, Schutt Sports.
“We believe the sports equipment space is ripe for consolidation. The number of independent operators is shrinking. Those that can weather the storm will emerge stronger and leaner once team sports return in the second half of next year,” said David Schiff, founding partner, Innovatus.
Photo courtesy Schutt
