Spanos Barber Jesse & Co. (SBJ) has completed an investment in Troy Lee Designs, a provider of off-road motorcycling and mountain biking gear and apparel.
Troy Lee Designs’ (TLD) products are sold through independent dealers, international distributors and online retailers, including the company’s website. The company also operates the TLD supercross and motocross teams. The company was founded by its Chairman and Chief Design Officer Troy Lee and is headquartered near Los Angeles in Corona, CA (www.troyleedesigns.com). Mr. Lee has retained a significant ownership stake in the company and continues to lead the company’s design efforts.
“It is a privilege to partner with Troy and to be entrusted with helping him realize his vision for growing the company,” said Tom Barber, Managing Director at SBJ. “Troy is a design legend and has built a truly exceptional brand, having earned the trust and respect of the best racers in the world as well as racing enthusiasts for over 30 years. We look forward to working with Troy to protect and build on that legacy.”
At closing of the transaction SBJ named Dave Bertram as the TLD’s new Chief Executive Officer. Mr. Bertram was previously the Founding Chairman and Chief Executive Officer at Cycle Gear, a large multi-channel retailer of apparel, parts and accessories for motorcycles and all-
terrain vehicles. During his tenure at Cycle Gear from January 1982 to December 2015, the company grew from a local retailer with three locations to a national chain with 112 stores in 34 states. In January 2015 Cycle Gear was sold by Harvest Partners to J.W. Childs. At that time Mr. Bertram retired from day-to-day management of the company but remained on the Board of Directors. Mr. Bertram has also had a 10-year career as a professional motorcycle racer where he won two National Titles, five International Gold Medals and 10 state championships. “I have always admired Troy and the TLD brand,” said Mr. Bertram. “I’m thrilled to partner with Troy and SBJ as we work to unlock the brand’s full potential while remaining true to its heritage.”
Spanos Barber Jesse & Co. (SBJ) was founded by Gus Spanos, Tom Barber and Bill Jesse. SBJ is classified as a Small Business Investment Company having received its license from the US Small Business Administration in February 2015. In October 2015, SBJ held a final closing on its debut fund, SBJ Fund, LP, with total capital commitments of $204 million, exceeding its original $150 million target. The new fund invests in lower middle-market consumer, business services and healthcare services companies with up to $100 million in revenue and EBITDA from $2 million to $10 million. SBJ has offices in near San Francisco in Walnut Creek and in Dallas (www.sbjcap.com).
“Over the years I’ve thought a lot about how to build my business and am absolutely stoked about the partnership with SBJ and Dave,” said Mr. Lee. “SBJ provides us with the financial support and strategic expertise that we need to take TLD to the next level. And Dave brings a wealth of operating experience to help us tighten up our execution, which will help us serve our suppliers and customers even better and enable us to develop more of the awesome products we are known for.”
© 2016 Private Equity Professional | December 12, 2016
