Norwest Equity Partners (NEP) acquired United Sports Brands (USB), the parent of Shock Doctor, McDavid, Cutters, Nathan, Pearl Izumi, and Glukos, from Bregal Partners.

The transaction closed on November 20, and financial terms were not disclosed.

NEP’s history with USB dates to 2008 when it acquired Shock Doctor as part of its consumer products portfolio. During its initial six-year investment period with Shock Doctor, NEP worked with CEO Tony Armand and management to enhance its position in the performance and protective equipment category and create and acquire new product lines. Shock Doctor merged with Cutter Gloves in 2012.

NEP sold Shock Doctor to Bregal Partners in 2014, which became USB after expanding the brand portfolio through acquisitions under Armand’s leadership. The acquisitions included McDavid and Nathan Sports in 2015, Glukos Energy in 2020 and Pearl Izumi in 2022.

Armand joined NEP as a partner in 2018, and with the acquisition of USB, NEP will again leverage his experience and knowledge of the business and consumer products industry.

Armand stated, “On behalf of the entire NEP team, we are thrilled to partner with USB again. USB has a rich history of success with a hallmark set of brands for athletes across all levels. Continued growth for the company will be driven by new product development, exceptional channel partnerships, and a relentless focus on the athlete.”

NEP brings deep industry experience to USB through past portfolio company partnerships in addition to Shock Doctor, including Wahoo Fitness, Pure Archery, Pelican Products, and Michaels of Oregon. NEP said its investment in USB of capital and resources will focus on continuing to build its core business and expand its international footprint.

“We are excited to add another sporting goods and active lifestyle platform to the NEP family of portfolio companies. NEP is thrilled to have the opportunity to partner again with USB and create long-term value for all stakeholders,” said Adam Garcia Eveloff, NEP managing director.

Baird advised NEP on the transaction, Jones Day was the legal advisor to NEP and BMO and Antares provided the debt financing. Lazard and Jeffries advised USB, which Bregal Partners previously owned.

USB’s headquarters are in Fountain Valley, CA, and its regional offices are in Boulder, CO, Belgium, Japan, and Canada.

Photo courtesy USB