Solo Brands, Inc., the parent of Solo Stove, Chubbies, Oru Kayak, and ISLE, announced it has acquired TerraFlame, the maker of indoor fireplace and fire accessories company based in Laguna Niguel, CA.
Terms were not disclosed.
The acquisition marks the first since SoloBrands acquired Chubbies, Oru Kayak, and ISLE in fall 2021 and the completion of its initial public offering on October 28, 2021.
“We are pleased to welcome TerraFlame to the Solo Brands family and thankful to Gerald Berger, Oleg Berger and Lenny Vainberg for choosing us as the right long-term partner for them,” said John Merris, CEO of Solo Brands, in a statement. “This strategic acquisition complements our brands, and, alongside Solo Stove, allows us to offer our customers the fire-burning experience outdoors, and with the addition of TerraFlame, we’re thrilled to bring the fire inside. We hope to leverage our direct-to-consumer and wholesale expertise to support TerraFlame’s growth while also leaning into TerraFlame’s shared passion for product innovation and incredible products to elevate the Solo Brands customer experience.”
TerraFlame sells a range of indoor fire products, including its S’mores By TerraFlame portable tabletop s’mores roaster designed to be used indoors while still providing the sound of campfire memories. In addition to its e-commerce platform, TerraFlame has a robust retail network including Target, Pottery Barn, William-Sonoma, and Crate & Barrel. TerraFlame’s team, including its CEO Lenny Vainberg who will be appointed the role of TerraFlame General Manager, will become part of the Solo Brands team.
“We are thrilled to join the Solo Brands team and to have found a partner that supports our vision for TerraFlame,” said Vainberg.
The announcement comes as Solo Brands, headquartered in Grapevine, TX, last week reported sales expanded 7.3 percent in the first quarter, topping expectations, as fill-ins address early sell-through. The replenishment orders helped the company boost Q1 wholesale revenues to offset declines in its e-commerce business.
The growth was supported by continued innovation as Solo Brands launched 15 new products in 2022, including the Solo Stove Mesa tabletop fire pit and Pi pizza oven. Wholesale revenues surged 52.3 percent to $33.5 million, boosted by increased shelf space and a higher door count with existing customers. Solo Brands now offers its products through key strategic retail partners including Costco, Dick’s Sporting Goods, Ace, Academy, Scheel’s, and others.
Separately, Solo Brands announced that it intends to offer 11.3 million shares of Solo Brands’ Class A common stock for sale in an underwritten public offering. The selling stockholders also intend to grant the underwriters a 30-day option to purchase up to an additional 1,695,652 shares of Solo Brands’ Class A common stock. Solo Brands is not selling any shares in the stock offering. BofA Securities, Inc. and Jefferies LLC are acting as joint book-running managers.
Photo courtesy Solo Brands
