fishing lures

Lew’s Holdings, a portfolio company of Peak Rock Capital, has acquired Southern Plastics Company, a manufacturer of soft plastic fishing lures. Peak Rock acquired Lew’s in November 2016.

Lew’s Holdings is an outdoor consumer products company with a portfolio of brands, including Lew’s, Strike King and Mr. Crappie. The company supplies branded fishing equipment and accessories through the mass market, sporting goods, and specialty outdoor channels. Lew’s, founded in 2009, is headquartered in Springfield, MO (www.lews.com).

Southern Plastics is a maker of soft plastic lures that utilize a variety of scents, additives, and colors. The company has manufactured soft plastics for Lew’s Strike King brand for over twenty years.

“We are excited about the opportunity to partner with one of the industry’s best-known manufacturers as Lew’s continues to grow organically and through strategic acquisitions,” said Peter Leibman, Managing Director of Peak Rock Capital. “The addition of Southern Plastics enhances our presence in the fast-growing soft plastic lures category.  Strike King and Southern Plastics are highly complementary, and we’re excited to utilize the capabilities of Southern Plastics to support the continued strong growth of Strike King.”

Southern Plastics was founded in 1971 by the late Tom and Don Mann and acquired in 1984 by CEO Terry Spence. Lisa Hagler is the president of Southern Plastics which is based in Eufaula, AL.

“Southern Plastics shares with Lew’s a dedication to providing industry-leading products and service levels to our business partners,” said Ken Eubanks, CEO of Lew’s. “I am excited to support Southern Plastics in continuing the tradition of exceptional service to our business partners and consumers.  Terry Spence and Lisa Hagler, along with their dedicated employees, have done a tremendous job driving growth at Southern Plastics, and we are excited that they will remain involved with the company going forward.”

Peak Rock makes debt and equity investments of $30 million to $300 million in middle market companies with revenues from $50 million to $1 billion and enterprise values from $50 million to $750 million. Sectors of interest include business and tech-enabled services, consumer, distribution and logistics, energy and related services, food and beverage, healthcare, industrials and manufacturing, metals, and technology. Peak Rock Capital is based in Austin (www.peakrockcapital.com).

© 2018 Private Equity Professional | November 6, 2018

Lew’s Holdings, a portfolio company of Peak Rock Capital, has acquired Strike King Lure Company.

Strike King is a supplier of branded fishing lures, sunglasses, and other fishing accessories. The company’s products include wire baits, hard and soft plastic lures, terminal tackle, and sunglasses. The company was founded in 1964 and is headquartered southeast of Memphis in Collierville, TN (www.strikeking.com).

“We are thrilled to have the opportunity to invest in the combination of the Lew’s and Strike King brands,” said Peter Leibman, Managing Director of Peak Rock. “The brands and product lines are highly complementary, and we’re excited to further support the rapid growth of the overall company, while seeking additional acquisitions.”

Lew’s Holdings was formed by Peak Rock in November 2016 to acquire Do Outdoors (DBA Lew’s Fishing). Lew’s Fishing supplies fishing equipment and tackle through the mass market, sporting goods, and specialty outdoor channels. The company’s product portfolio includes rods, reels, and related fishing accessories. Company-owned brand names include Lew’s, Strike King, Mr. Crappie, Hunters Specialties, and Buck Bomb. The company was founded in 2009 and is headquartered in Springfield, MO (www.lews.com).

“Similar to Lew’s, Strike King has been tremendously successful because of its focus on product innovation, outstanding marketing, and exceptional service to its retail partners and consumers,” said Gary Remensnyder, CEO of Lew’s. “John Barns and Allan Ranson along with their dedicated employees, pro staff, and manufacturing partners have done a fantastic job driving growth at the company, and we are excited that John and Allan will remain involved with the company going forward.”

As part of this transaction, Ken Eubanks will become president of Lew’s while continuing in his current role as CEO of Hunters Specialties, a Cedar Rapids-based manufacturer and supplier of branded hunting products, including scent control products, game calls, attractants, wildlife management products, and general hunting accessories. Hunters Specialties (www.hunterspec.com) has been a portfolio company of Peak Rock since April 2014.

Peak Rock makes debt and equity investments of $20 million to $150 million in middle market companies with revenues from $50 million to $1 billion and enterprise values from $25 million to $500 million. Sectors of interest include business and commercial services; consumer; distribution and logistics; energy and related services; healthcare; industrials; manufacturing, metals, and media. The firm is based in Austin (www.peakrockcapital.com).

MidCap Financial (www.midcapfinancial.com) provided financing for this transaction.

© 2017 Private Equity Professional | November 6, 2017