GRAND RAPIDS, Mich., Jan. 13, 2021 /PRNewswire/ — Blackford Money, a private equity organization based mostly in Grand Rapids, Michigan, today declared an financial commitment in Aqua-Leisure Industries, a chief and pioneer in water sport leisure merchandise enhancement and aquatic items.
Headquartered just outside the house of Boston, Aqua-Leisure was started in 1970 and mainly serves the aquatic buyer goods field. The firm is one particular of the greatest and most ground breaking designers and distributors of various strains of substantial excellent, general performance-primarily based merchandise below a assortment of brand names and proprietary layouts, which include swim goggles, “Master to Swim” items for youngsters, and pool floats, among other types.
“Aqua-Leisure has appealed to premier sporting products and price channel individuals in the course of our 50-year historical past. Our organization’s all round tactic to marketplace assessment, merchandise layout, source chain logistics and solution positioning, whether or not through brick and mortar or e-commerce channels, has persistently shipped sturdy effectiveness,” reported Steve Berenson, CEO of Aqua-Leisure. “We provide some of the major and most demanding customers in the planet. We are energized about our partnership with Blackford Money as it will produce accelerated growth alternatives by expansion of recent associations and solution lines as nicely as evolving new classes and sales channels.”
Aqua-Leisure’s execution and development by way of the COVID-19 disaster significantly improved its believability with crucial current and prospective shoppers. Blackford intends to assistance Aqua-Leisure seize these prospects to gain sector share and capitalize on crucial field traits, including unparalleled customer demand by means of e-commerce and on the web revenue channels. The firm’s management group will continue on in their current roles.
“We are thrilled to include Aqua-Leisure to our portfolio as one more diversified consumer products business with a eyesight for ongoing evolution,” stated Martin Stein, founder and running director of Blackford Funds. “The business has outstanding and many years-extensive interactions with great shoppers, which have strengthened not too long ago as Aqua-Leisure’s solutions have skilled tremendous consumer demand for yard use and ‘staycations’ pushed by the uncertainty brought about by the pandemic. Through this time period, Aqua-Leisure has confirmed itself to be an very responsible spouse and provider. We are psyched to associate with Steve Berenson and the rest of the Aqua-Leisure administration staff to promote organic growth, go after new distribution possibilities, and execute meaningful increase-on acquisitions about the coming years.”
Varnum LLP served as lawful advisor, Grant Thornton served as the economic and tax advisor, and Rush Street served as financial debt financing advisor to Blackford. Mercantile Financial institution furnished credit card debt funding and Muzinich & Co. delivered personal debt and fairness financing in aid of the transaction.
Aqua-Leisure was encouraged by Tully & Holland and Jon Pratt, Running Director at Duff & Phelps.
About Blackford Funds
Launched in 2010, Blackford Capital is a non-public equity financial investment organization headquartered in Grand Rapids, Michigan. Blackford Money would make majority regulate investments in founder and spouse and children-owned, lessen center-market producing, industrials, and distribution. At present, Blackford Cash has eleven portfolio firms. Blackford and their staff associates have been given a range of recognitions in excess of the previous numerous many years, which includes M&A Adviser Non-public Equity Agency of the year, Corp. Magazine Modest Organization of the Calendar year (Michigan), GR Chamber of Commerce Compact Company of the Calendar year (West Michigan), various recognitions on the Inc. 5000 fastest escalating personal firms record and M&A Adviser Non-public Equity Experienced of the Year (Martin Stein). For much more facts, stop by blackfordcapital.com.
About Aqua-Leisure Industries
Established in 1970, Aqua-Leisure is committed to designing, creating, manufacturing, and marketing performance, recreational, and rest orientated merchandise inside of the drinking water sport and leisure-time classes. Aqua-Leisure is happy to aid loved ones, close friends, and leisure things to do that convey folks together as a result of each day fun, delivering a solid basis for results and development. Aqua-Leisure is concentrated on regularly offering proprietary patterns, superior product or service high quality, trustworthy provide chain logistics, and value-include to both consumers and conclusion-people. For extra facts, pay a visit to aqualeisure.com.
About Mercantile Lender
Mercantile Bank is a wholly-owned subsidiary of Mercantile Financial institution Company. Mercantile Financial institution supplies banking products and services to enterprises, men and women and governmental units, and differentiates by itself on the basis of assistance good quality and the knowledge of its banking employees. Mercantile Financial institution has assets of approximately $4.4 billion and operates 39 banking workplaces.
About Muzinich & Co.
Muzinich BDC, Inc. is a direct expenditure fund concentrated on supplying senior debt, mezzanine debt, and equity co-expense capital to developing lower center sector corporations backed by family members, founders, and/or non-public fairness corporations. It is component of Muzinich & Co., a privately owned, institutionally targeted expenditure organization specializing in general public and non-public company credit rating with $37.6 billion of AUM as of September 30, 2020. The company was founded in New York in 1988 and has places of work in London, Frankfurt, Madrid, Manchester, Milan, Paris, Singapore, Zurich and Dublin.
About Varnum LLP
Varnum is a main Michigan law organization delivering a broad range of lawful services to fulfill the sophisticated wants of its shoppers. With a lot more than 180 attorneys in nine offices, Varnum serves as counsel to growing organizations and establishments all over Michigan, the Midwest and Florida. Varnum’s internet web-site deal with is www.varnumlaw.com.
About Grant Thornton
Started in Chicago in 1924, Grant Thornton LLP (Grant Thornton) is the U.S. member business of Grant Thornton Worldwide Ltd, one of the world’s main businesses of unbiased audit, tax and advisory companies. Grant Thornton, which has revenues of $1.92 billion and operates additional than 50 places of work, operates with a broad variety of dynamic publicly and privately held companies, government agencies, fiscal institutions, and civic and spiritual organizations.
About Hurry Street
Primarily based in Chicago, Illinois, Hurry Street Funds provides debt and equity funds marketplaces, mergers and acquisition, money restructuring, and valuation services to environment-course, field-leading firms. With in depth financial investment and business banking knowledge, Rush Road has created considerable sector skills, deep relationships, and a keen knowing of how to deal with a firm’s company finance and expense banking wants. Our shoppers incorporate non-public fairness corporations, non-public business enterprise proprietors, and some of the major businesses in the United States. (www.rushstreetcapital.com)
Lambert & Co.