Novacap has acquired an interest in FortNine, an e-commerce platform for motorcycle, dirt bike, ATV, and snowmobile gear.
FortNine’s products include motorcycle helmets, rider apparel, tires, parts, dirt bike gear, snowmobile clothing and ATV accessories. The Montreal-based company was founded in 2009 by brothers Amin and Karim Sawaf.
“For more than 10 years, we have been developing strategies for FortNine, and worked directly with technology and business intelligence teams to allow us to deliver on our mission of great customer service,” said Karim Sawaf. “We are proud to unite with a partner of Novacap’s caliber to drive FortNine into its next stage of expansion.”
“We’re thrilled to partner with such great entrepreneurs. Amin and Karim Sawaf founded FortNine while in university. They led the company through exponential growth, built a great management team, and Novacap recognizes the success and passion that drives them,” said Jacques Foisy, the chairman of the board and managing partner of Novacap.
Novacap, with C$3.6 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.
“We found in the Sawaf brothers the same values as ours,” said Antoine Casimir, a principal at Novacap. “As a rider myself, I know firsthand how great FortNine is and we are convinced that the combination of their e-commerce expertise with our focus on operational excellence will drive FortNine to its next phase of growth. We are all very excited about working with the FortNine team.”
The buy of FortNine is the second investment for Novacap’s fifth fund which closed at its hard cap in November 2019 with C$940 million of capital.
PJ SOLOMON was the financial advisor to FortNine on this transaction.
Private Equity Professional | August 13, 2020