L Catterton has made an investment in Storyteller Overland, a maker of premium Class B RV and expedition vehicles.
Storyteller’s vehicles, including MODE adventure vans and GXV HILT adventure trucks, are sold through more than 40 dealers located across the United States.
In addition to its vehicle products, Storyteller sells adventure gear and related accessories to its customer base of outdoor lifestyle enthusiasts, road-trippers, van-lifers, and overlanders. Storyteller was founded in 2018 and is headquartered in Birmingham, Alabama.
With the backing of L Catterton, Storyteller plans to accelerate its product development initiatives, invest in manufacturing capabilities, and build its dealer network.
“We are so excited for this brilliant partnership with L Catterton,” said CEO Jeffrey Hunter. “Their deep expertise in the consumer sector, coupled with their track record of supporting high-growth companies, makes them an ideal partner as we continue to expand our business and bring our vision of adventure to more people around the world.”
“With its strong product offering, sizable dealer network, and engaged community of adventurers, Storyteller Overland is the clear leader in the adventure vehicle space,” said Matt Nugent, a partner in L Catterton’s Growth Fund. “In just a few years since its founding, Storyteller Overland has captured considerable market share and has established itself as the new standard of excellence for Class B RVs. We look forward to working with the Storyteller Overland team to continue growing its adventurer community and to help them reach new levels of success.”
Greenwich, Connecticut-headquartered L Catterton invests in consumer-focused companies with specific interest in food and beverage, retail and restaurants, consumer products and services, consumer health, and media and marketing services. The firm, with 200 investment and operating professionals across 17 offices, was founded in 1989 and has $34 billion of equity capital under management across its three investment strategies: private equity, credit, and real estate.
L Catterton is familiar with the outdoor products sector with past investments in Pinarello, a provider road bikes and accessories (2017); Getaway, a “tiny house” lessor and operator (2017); Airxcel, a maker of cooling and ventilation systems used in recreational vehicles (2018); Truck Hero, a provider of aftermarket accessories for pickup trucks and Jeeps (2020); Heartland RV, a manufacturer and marketer of non-motorized recreation vehicles (2007); and Leslie’s, an omni-channel retailer of swimming pool and spa supplies (2017).
Co-investing in this transaction with L Catterton are California-based RX3 Growth Partners (co-founded by NFL quarterback Aaron Rodgers), New York-based Wheelhouse, and South Carolina-based Virentes Partners Group.
© 2024 Private Equity Professional | March 28, 2024
