Solo Brands, Inc., owner of the Solo Stove, Chubbies, Oru Kayak, and Isle paddleboard brands, has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering.
The number of shares to be offered and the price range for the offering have not yet been determined.
According to a prospectus, Solo Stove was launched in 2011 and initially found success with the launch of Solo Stove Lite, an ultralight portable backpacking camp stove. That was followed by the launch of Solo Stove fire pits in 2016. Solo Stove’s growth and success allowed the company to make investments in the supply chain and bring fulfillment, research and development, sales and marketing, and customer service in-house. This laid the groundwork for a scalable direct-to-consumer (DTC) model which, coupled with the acquisitions of Oru, ISLE and Chubbies in 2021, led to the formation of Solo Brands in 2021.
The filing shows the company achieved pro-forma sales of $208 million in the first six months of 2021. Solo Stove has grown at a compounded annual growth rate (CAGR) of 132 percent from 2016 through the twelve-month period ended June 30, 2021. DTC sales represented 92 percent of sales in 2020.
BofA Securities, J.P. Morgan, and Jefferies are serving as joint book-running managers for the proposed offering.
Photo courtesy Solo Brands/John Merris, President & CEO, Dallas Business Journal
