Norwest Equity Partners, a private equity firm focused on investments in growing and profitable middle market companies, has acquired Shock Doctor, Inc. Terms of the deal were not disclosed.
Shock Doctor, based in Plymouth, Minnesota manufactures more than 650 SKUs and offers a comprehensive line of performance products, including core protective gear for hockey, football, baseball, lacrosse, and motorsports, as well as protective cups, supporters, compression shorts, and patented Powder Dry gear bags.
Timothy Kuehl, NEP Partner and Shock Doctor board member, stated, “Shock Doctor(TM) provides a terrific investment opportunity for NEP. With consistent sales and profitability growth over the years it has established a technology leadership position within its market. Together with the management team, NEP is in position to leverage an established consumer brand and continue to work on building an entire sports protection products platform.”
Steve Washburn, Shock Doctor president and CEO, stated, “Much of our growth success comes from our strategy of focusing on brand development, product innovation and category segmentation across a broad range of sports categories. We are very much looking forward to working with NEP as our new investment partner to build upon this proven strategy.”
Originally established as E-Z Gard Industries, Inc., the Shock Doctor brand became so well recognized that, in 2000, the company officially changed its name from E-Z Gard to Shock Doctor, Inc.
Shock Doctor products are offered through sporting goods dealers, catalogs and health care professionals throughout the United States, Canada, Europe, Japan and Australia.
Prior to the NEP acquisition, Shock Doctor was a portfolio company of Minneapolis private equity firm Hillcrest Capital Partners. Jeff Turner, Managing Partner of Hillcrest, stated, “Since our investment in Shock Doctor(TM) nearly five years ago, the Company has more than tripled revenue through the addition of a variety of products lines that not only leverage its brand name but its broad retail relationships. Shock Doctor(TM) is in a great position to continue realizing its growth strategy with NEP as its new investment partner.”
Wachovia Securities (led by bankers Joseph Pellegrini and Andrew
Martin) served as financial advisor to Shock Doctor, Lindquist &
Vennum, LLP provided legal counsel to NEP, and Faegre & Benson LLP
provided legal services to Hillcrest.
