FortNine, a portfolio company of Novacap, has acquired marine supply firm Defender Industries.
Defender Industries is a distributor of marine and boat supplies including motors, anchors, electronics, fiberglass and epoxy materials, and clothing. The company’s catalog includes over 85,000 products from every major marine manufacturer.
Family-owned Defender was founded in 1938 by Sheldon Lance and is headquartered in Waterford, Connecticut.
“The Lance family has been honored to serve our customers since 1938, and in FortNine, we believe that we have found the perfect match in our shared values,” said Stephan Lance, the president of Defender. “We are a marine outfitter staffed by passionate boaters that enable us to deliver on our mission of great customer service. We are proud to unite with FortNine’s team of enthusiasts to drive Defender into its next stage of expansion.”
FortNine is a Canada-based online retailer providing powersport gear related to motorcycles, dirt bikes, ATVs, snowmobiles, boats, and casual outdoors gear. The company was founded in 2009 by brothers Amin and Karim Sawaf to provide Canadians quicker and cheaper access to motorcycle helmets and has since expanded its operations into other outdoor activities.
“This first add-on acquisition for FortNine is in line with our ambition to expand the expertise and business model across verticals,” said Antoine Casimir, a principal at Novacap. “Today, we are executing on our strategy to build an e-commerce powerhouse for sports enthusiasts.”
“FortNine and Defender share a passion for serving sports enthusiasts: we both have a very loyal customer base who trust our knowledge and experience to outfit them with the equipment they need,” said Amin Sawaf, the president of FortNine. “It is truly a privilege to acquire a company with such a stellar reputation and we look forward to bringing our unique go-to-market expertise to the marine industry.”
Novacap, with $8 billion in assets under management, invests in middle-market companies within traditional industries and in companies in the technology, media, and telecommunications sector. The firm was founded in 1981 and has offices in Toronto, and near Montreal in Brossard, Quebec.
Novacap acquired FortNine in 2020 as its second acquisition from its fifth fund, which closed at its hard cap in November 2019 with C$940 million of committed capital.
© 2022 Private Equity Professional | March 1, 2022
FortNine, a portfolio company of Novacap, has acquired marine supply firm Defender Industries.
“This first add-on acquisition for FortNine is in line with our ambition to expand the expertise and business model across verticals,” said Antoine Casimir, a principal at Novacap. “Today, we are executing on our strategy to build an e-commerce powerhouse for sports enthusiasts.”
