Kona Bicycles sold to Kent Outdoors in double deal
The Kona Bicycles brand has been sold to the private equity owner behind Kent Watersports, now rebranded to Kent Outdoors in respect of the addition of a land-based label.
Coming in a flurry of acquisition headlines, including news that SRAM has just bought Hammerhead, the buyout will “help Kent Outdoors better serve America’s growing interest in the great outdoors, both on the water and off.”
“Americans are enjoying the outdoors in record numbers,” said Matt Eby, founder of Seawall Capital and Chairman of the Board of Kent Outdoors. “Everyone knows the social, emotional, and physical benefits of getting outdoors, into nature, and enjoying time with family and friends on our waterways and mountain trails. We invested in Kent, and are expanding its focus from water sports to outdoor recreation, to help more people get outside with brands that make the outdoors accessible and fun.”
“Our partnership with Kent Outdoors signals our renewed commitment to competing in a rapidly evolving industry,” said Jake Heilbron, Co-Founder of Kona Bicycles. “We are more dedicated than ever to building great bikes, partnering with our independent bike dealers, and maintaining the Kona Way. In fact, Kent’s investment will enable Kona to invest more meaningfully behind these goals to better serve our independent retailers, team members, and consumers worldwide. By partnering with Kent, we’ll give more people the freedom and empowerment of getting outdoors on Kona bikes.”
“Kent Outdoors is – and always has been – a place where passionate founders can grow their brands,” said Ken Meidell, CEO of Kent Outdoors. “We believe in autonomy with accountability for our brands: we provide targeted support behind the scenes, while giving each brand the independence to grow to their full potential. Our goal is to make space for visionary founders to create, build, and better connect with one another, and with their customers.”
The deal was accompanied by a buyout of the BOTE label, a stand up paddle board business that has grown to offer kayaks and dock systems, among other things. On the Kona Bicycles transaction, Gibson, Dunn & Crutcher LLP and Dechert LLP served as legal advisors.
Kent Outdoors has a portfolio of 20 watersports labels.
