New Water Capital Partners has acquired GSC Technologies, a manufacturer of kayaks and watersports equipment, as well as storage and outdoor furniture products.
GSC Technologies, family-owned since its founding in 1982 with a single plastic molding machine, is a designer and manufacture of storage and organization products; folding tables and chairs; utility shelving systems and cabinets; closet systems; refuse and recycling products; kayaks and watersports equipment; and a variety of other household products. GSC brands – which include Future Beach, Equinox, Patriot, Heritage, and Viper – are carried by several blue-chip mass and specialty sporting goods retailers. The company has manufacturing and distribution facilities in the US, Canada, and China and is headquartered near Montreal in Saint-Jean-sur-Richelieu, QC (www.gsctechnology.com).
GSC owners Robert Farber (President) and Jason Farber (Vice President) will remain in their executive roles with the company. “The New Water team brings extensive operations and management experience that will allow us to optimize our manufacturing, sales and distribution operations and expand our market share,” said Jason Farber.
“GSC offers leading North American retailers a great product suite of kayaks, paddle boards and accessories under strong brands, with feature-rich designs and attractive price points,” said Mark Becker, a Partner at New Water.
New Water invests in lower middle market companies with revenues between $30 and $300 million. Sectors of interest include consumer products, retail, and industrial manufacturing & services. The firm closed its first private equity fund at the hard cap of $406 million in July 2015. New Water was founded in September 2014 and is based in Boca Raton (www.newwatercap.com).
“Our team sees terrific growth potential for GSC, including increased brand awareness, geographic market expansion, and the opportunity to broaden our product lines,” said Anuj Singh, a Principal at New Water.
Houlihan Lokey was the financial advisor to GSC Technologies for this transaction.
© 2017 Private Equity Professional | April 11, 2017
