L2 Capital has invested in Insight 2 Design, Inc. and its sister company Elevate, LLC (together Worldwide Camping Holdings).
Insight 2 Design (I2D) is a product development company specializing in battery lighting and camping equipment. I2D designs products from entry-level price points to premium tactical lines. The company was founded in 2012 by two former executives of The Coleman Company: Kevin Tarter, the former general manager of Coleman’s lighting business unit; and Nick Vaughn, a senior product manager in Coleman’s tent, shelter, and furniture unit. According to I2D, products designed by the company generate more than $200 million of annual retail sales. I2D is headquartered in Overland Park, KS (www.insight2design.com).
Elevate designs and produces tents, shelters, lights, outdoor furniture and sleeping bags that are primarily sold through online retailers under the brand name Core. Elevate was founded in 2015 and is also headquartered in Overland Park, KS (www.CoreEquipment.com).
“We’re very pleased to have the opportunity to help Kevin and Nick further expand their domestic and online product efforts. We’re very impressed with these entrepreneurs, their business model and rapid growth to date,” said Bob Levine, Managing Partner of L2 Capital. “We’re thrilled that they’ve chosen L2 to be their partner going forward.”
“We originally set out to elevate partner brands through insight, design and value in the outdoor space. L2 Capital was the only firm who immediately understood our unique business model and the potential to scale in multiple directions at the same time. Like most industries, the outdoor industry is evolving rapidly; partnering with a team that understands your business is a huge advantage,” said Nick Vaughn, Co-CEO of Worldwide Camping Holdings.
“I am very excited about the new partnership with L2 Capital. With the financing expertise and added capital that L2 brings to the partnership, I am confident that Insight 2 Design and Elevate will flourish going forward,” added Kevin Tarter, Worldwide Camping Holdings’ other Co-CEO.
L2 Capital Partners is a lower middle market private equity family office that makes control and minority investments in companies that have revenues from $10 million to $75 million and EBITDA from $2 million to $8 million. Sectors of interest include technology-enabled services; business services; e-commerce/direct marketing; consumer products; manufacturing; and environmental products. L2 Capital is headquartered in the Philadelphia suburb of Devon, PA (www.L2Capital.net).
Farragut Capital Partners, Salem Investment Partners and Oxer Capital provided the debt financing and co-invested in this transaction. Farragut led the debt investment and served as agent.
© 2018 Private Equity Professional | March 30, 2018