Webster Capital has formed ShelterLogic Group to act as a holding company for three investments (one existing and two new) that the firm has made in the outdoor products market.
Rio Brands, acquired by Webster Capital in April 2015 from Guardian Capital Partners, is a designer and manufacturer of beach chairs, umbrellas, cooler bags, beach tables, cots, stadium seats, and patio furniture sold under company-owned brands Rio Beach, Rio Creations and Rio Gear. The company also manufactures and distributes outdoor furniture for the Tommy Bahama and Jimmy Buffet’s Margaritaville brands. The company is headquartered in West Conshohocken, PA (www.riobrands.com).
“After an extensive search, we identified two terrific companies in ShelterLogic and Sojag to combine with our original investment in RIO Brands,” said Don Steiner, Webster Co-Managing Partner.
ShelterLogic is a manufacturer and marketer of fabric-covered, steel frame shelters and canopies that are used in a range of consumer and commercial applications, including as sheds, garages, greenhouses and pop-up canopies. The company is headquartered in Watertown, CT and is led by CEO Jim Raymond and President Robert Silinski (www.shelterlogic.com). ShelterLogic was acquired from RFE Investments and Charter Oak Equity.
Sojag is a designer and marketer of gazebos, sun shelters, solariums and patio furniture. The company is headquartered in Brossard, Quebec and is led by CEO Yves Gagné (www.sojag.com/en).
All three companies – Rio Brands, ShelterLogic, and Sojag – sell their products through a variety of retailers including major home centers, mass merchants, specialty, farm and agriculture stores, warehouse clubs and online retailers.
Webster Capital invests in branded consumer, business-to-business, and healthcare services companies with EBITDAs from $3 million to $15 million and transaction values from $20 million to $100 million. Webster is currently investing its third fund which closed in 2014 with $400 million in capital commitments. The firm was founded in 2003 and is based in the Boston suburb of Waltham (www.webstercapital.com).
© 2018 Private Equity Professional | June 27, 2018
