A group led by TB2 Investors and Timbuk2 management has acquired a controlling equity stake in the company, and the company has repurchased the equity owned by affiliates of VMG Partners and others. The transaction consolidated the ownership of Timbuk2, while also investing additional capital in the company to support its growth.
TB2 Investors is led by former Timberland Chief Operating Officer and industry investor Ken Pucker, and is funded by patient capital committed to responsible brand and business building.
“This transaction enables Timbuk2 to continue on the same path without interruption with an even stronger balance sheet and fresh board level expertise,” said Timbuk2 CEO Mike Wallenfels. “I remain excited to lead a team committed to creating and building valuable, lasting products that excite consumers.”
Tony Meneghetti, Timbuk2's COO, added “Manufacturing in San Francisco and connecting with local not-for-profit organizations in every city in which we open stores remains fundamental to our belief that businesses must be engaged with the communities in which they operate. The durability and lifetime guarantee of our product is also part of our commitment to build responsibility and value into everything at Timbuk2.”
This evolution represents an exciting opportunity, according to Rob Honeycutt, the founder of Timbuk2 and friend of the brand.
Timbuk2 achieved records sales in 2012, the company said.
First to design customizable messenger bags, Timbuk2 has manufactured in San Francisco since 1989. Started by bicycle messenger Rob Honeycutt, cycling is core to Timbuk2’s culture and larger mission to inspire responsible, urban mobility. For almost a quarter of a century, Timbuk2’s product line has evolved from cycling-inspired messenger bags to categories including backpacks, camera bags, totes, and travel bags.