Weinberg Capital Group (WCG) has acquired Drake Waterfowl Systems, a provider of hunting, fishing, and casual apparel used by outdoor enthusiasts.
Drake was co-founded by Tate Wood and Bobby Windham Jr. in 2002 and its products are used by waterfowl hunters, deer and big game hunters, turkey hunters, freshwater anglers, and upland bird hunters.
Drake’s products are sold through a retail dealer network, big-box retailers, and direct-to-consumer through its website. The company, led by CEO John Woodard, is headquartered near Memphis in Olive Branch, Mississippi.
The company’s waterfowl jackets, headwear, waders, blinds, footwear, and other accessories are sold under the Drake Waterfowl Systems brand and, in addition to its waterfowl lines, Drake also sells branded apparel for deer hunting (Non-Typical by Drake), turkey hunting (Ol’ Tom), and fishing (Drake Performance Fishing). Other company-owned brand names include Drake Clothing Company and McAlister.
“We are very excited and proud to have the opportunity to partner with Weinberg Capital to take our brands to the next level while remaining true to the core values that got the company to where it is today,” said Mr. Woodward. “Success in the outdoor industry starts and ends with relationships and being easy to do business with – a philosophy that is shared by Weinberg Capital.”
Cleveland-based Weinberg Capital is a family office that specializes in acquiring middle-market companies that are based in North America and have annual revenues from $10 million to $100 million and EBITDA ranging from $2 million to $10 million. Sectors of interest include consumer products, manufacturing, business services, and value-added distribution.
“We look forward to partnering with management to build on Drake’s strong legacy within the hunting and outdoor enthusiast community,” said Nick Leiby, a partner at Weinberg Capital.
Northstar Capital provided debt and made an equity co-investment to back Weinberg Capital’s buy of Drake. Northstar’s investment in Drake is the sixteenth it has made through its $500 million seventh fund which held a final close in January 2021.
Minneapolis-headquartered Northstar invests from $5 million to $30 million of subordinated debt and/or up to $15 million of equity as a co-investment in sponsored transactions of North American-based companies with EBITDA of at least $3 million.
© 2021 Private Equity Professional | September 24, 2021