Mason Wells has closed its acquisition of EastPoint Sports, a supplier of indoor and outdoor recreational sporting goods.
EastPoint develops, imports, and markets tailgate games, lawn games, sport games, indoor game accessories, and table games sold through both traditional retail and e-commerce channels. The company’s products include bean bag toss, table tennis, volleyball and badminton nets, and indoor basketball hoops. EastPoint’s owned and licensed brands include Go! Gater, Majik, Rec-Tek, Classic Sport, Narwhal, NHL, HEAD, and PENN. EastPoint was founded in 2009 by its CEO Mike Nally and is headquartered in Succasunna, NJ with an additional office in Shanghai, China (www.eastpointsports.com).
In addition to Mason Wells, investors in EastPoint include the Nally family, senior management, board members, and Bounds Equity Partners. “We are very excited about our new partnership with Mason Wells,” said Mr. Nally. “Their experience successfully building consumer products companies will provide EastPoint with the resources necessary to support our long-term growth initiatives.” In addition to his executive position with EastPoint, Mr. Nally is an Operating Advisor to Bounds Equity Partners.
“We are very impressed with EastPoint’s strong management team and employees, unique sourcing infrastructure, and innovative product development capabilities,” said Chris Pummill, Director at Mason Wells. “These key factors, along with strong customer and vendor relationships, have enabled the business to achieve remarkable growth during the last decade. We are pleased that Mike Nally will continue to lead the business. We also look forward to supporting the team as they expand EastPoint’s retail and e-commerce relationships and develop new products.”
Mason Wells makes investments in Midwest-based companies with revenues of $25 million to $300 million and EBITDAs of $5 million to $30 million. Sectors of interest include consumer packaged goods; packaging materials and converting; outsourced business services; and engineered products and services. In February 2016, Mason Wells held a final closing of Mason Wells Buyout Fund IV and its related Executive Buyout Fund IV with total commitments of $615 million. The firm was founded in 1998 and is based in Milwaukee (www.masonwells.com).
Bounds Equity Partners makes control investments in companies that are located east of the Rocky Mountains with minimum EBITDA of $1.5 million, and companies within a five-hour drive of Chicago with minimum EDITDA of $750,000. Sectors of interest include building materials and services; business services; consumer products; and specialty manufacturing. The firm was founded in 2009 by Mark Bounds and is based in the Chicago suburb of Highland Park (www.boundsequity.com).
Debt financing for this transaction was provided by PNC Business Credit and Patriot Capital.
© 2018 Private Equity Professional | September 5, 2018