Boyne Invests in Local Boy Outfitters

Boyne Capital has made an investment in Local Boy Outfitters, a consumer apparel and lifestyle brand. Coinvesting in this transaction alongside Boyne was Sisu Equity and Consumer Growth Partners.

Local Boy designs and sells apparel, headwear, and accessories centered on outdoor recreation and Southern lifestyle themes. The company’s products include graphic T-shirts, fishing shirts, shorts, outerwear, hats, and accessories sold through both specialty retailers and direct-to-consumer channels. Customers of the company are typically consumers engaged in fishing, hunting, boating, and other outdoor activities.

Columbia, South Carolina-headquartered Local Boy was founded in 2012 by CEO David Faulkenberry and Patrick Stamps. Mr. Faulkenberry remains a shareholder of the company in partnership with Boyne. Beginning in 2020, Local Boy experienced significant growth, and in 2022, after several consecutive years of doubling the business, the company hired Luis de la Mata as chief operating officer.

“We are thrilled to partner with Boyne Capital, who has a long track record of supporting entrepreneurs, scaling businesses, and funding growth initiatives,” said Mr. Faulkenberry. “Our customers can expect the same Local Boy they’ve always known—same people, same values, same commitment to quality and authenticity. This investment gives us additional resources to accelerate growth and better service our customers.”

“We look to partner with founders who have built something special,” said Derek McDowell, the managing partner at Boyne Capital. “Local Boy’s leadership, culture, and customer connection are exactly why we invested, and those elements will continue to guide the company’s growth. We look forward to supporting the team as they scale the platform and bring new products to market.”

Boyne Capital invests in lower middle-market companies with revenues of less than $100 million and EBITDA of $3 million to $15 million. Sectors of interest include healthcare services, manufacturing, consumer products, and business services. The firm was founded by Mr. McDowell in 2006 and is headquartered in Miami, Florida.

Last month, Boyne held the first and final close of BCM Fund III LP (Fund III) at its hard cap, with $355 million in limited partner commitments. Total commitments to Fund III and its parallel funds, including Boyne general partner group commitments, exceeded $400 million. Fund III exceeded its $275 million target and closed just 90 days after launch.

“Local Boy has done an exceptional job building a brand that resonates with customers through fresh, thoughtfully designed products with an authentic, grassroots identity,” said Roman Krislav, a managing director at Boyne Capital. “We see a significant opportunity to support the company by investing in product innovation, brand building, and disciplined channel expansion.”

Matrix Capital Markets, a division of Citizens Financial Group, served as financial advisor to Local Boy on the transaction, providing valuation advisory services, managing a confidential, structured sale process, and negotiating the transaction.

“Matrix’s extensive knowledge of our marketplace played a critical role in the success of our transaction,” concluded Mr. Faulkenberry. “They are truly best-in-class in what they do and their focus throughout the engagement was unwavering.”The Matrix deal team was led by Managing Director William O’Flaherty and included Managing Director David Shoulders, Vice President Matt Oldhouser, Analyst Hayden Daniel, and Analyst Bing Song Lin.

“It was a pleasure to work with David, Patrick, Luis, and the entire Local Boy team,” said Mr. O’Flaherty. “Local Boy is one of the fastest growing brands, not only in outdoor apparel, but in the broader lifestyle apparel category as well. They’ve built a model that breeds customer loyalty while also providing its team with incredible visibility into demand and market trends. I look forward to seeing the brand continue to thrive for years to come.”