Meriwether Group Unites Top Powersports Apparel Companies
Meriwether Group Unites Top Powersports Apparel Companies
Deal keeps KLIM operations in Rigby, Idaho
PORTLAND, Ore.--(BUSINESS WIRE)-- Meriwether Group, a business acceleration firm and trusted consumer brand advisor, in partnership with Cascadia Capital, a diversified, boutique investment bank, today announced that it acted as a strategic consultant to KLIM in its acquisition by Polaris Industries (NYSE:PII). According to the terms of the deal structured by Meriwether and Cascadia, which unites two leaders in the outdoor apparel and gear industries, the operations and marketing of KLIM's technical riding gear will remain at the company's headquarters in Rigby, Idaho, preserving over 50 jobs in the region, and the core ideals and culture upon which the brand was built. This deal follows close on the heels of the sale of Portland-based Bike Gallery to Trek Bicycle Superstore, a transaction in which Meriwether structured a deal that would preserve an iconic Pacific Northwest brand while opening up great opportunities for growth and expansion.
"From humble beginnings, we have consistently executed on our vision to develop riding gear and outdoor products that would meet the needs of the world's adventure snowmobile and motorcycle riders, and set the industry standard for quality," said Justin Summers, KLIM founder, president and CEO. "David Howitt and his team at Meriwether immediately understood my passion for the category and, together with Cascadia Capital, successfully represented the long-term interests of our brand and our customers in negotiating a deal with Polaris. This transaction will not only carry on my personal legacy, but ensure the ongoing legacy of KLIM in the community of Southeast Idaho."
KLIM was founded in 1998 and the company has grown to define the small town of Rigby where it remains headquartered today. With a focus on innovation and exceptional quality, KLIM builds gear for the most demanding power sports riders utilizing the world's most sophisticated technologies in waterproof, breathable, durable and comfortable materials that improve its customers riding experience without compromise. Summers chose the Meriwether Group to provide strategic counsel on this transaction based on their long track record of helping to ensure that a brand's core values and identity are retained even as the company grows. He will remain with the company along with his current management team and employees.
"Under Justin's leadership, KLIM has grown to embody all of the elements of an authentic and iconic brand that consistently delivers on the promises it makes to consumers. The company's advanced design, development, and manufacturing of technical riding gear has made it a visionary in the market, and a go-to brand for outdoor adventure enthusiasts," said David Howitt, founder and CEO of Meriwether Group. "When KLIM first approached Meriwether about a deal, we actively sought a buyer who would continue to advance KLIM's reputation and vision, while providing the brand with new growth opportunities. Polaris' acquisition of KLIM is recognition of the enormous brand equity and customer loyalty that KLIM has built."
"The Pacific Northwest has a long history of incubating influential consumer brands. A commitment to high quality products - as well as business models built around social, economic, and environmental responsibility - have become hallmarks of brands in this region, and outsiders are looking to capture this authenticity and the consumer trust it engenders through strategic acquisitions. Polaris' acquisition of KLIM underscores the opportunities available to top tier consumer brands in the region," said Bryan Jaffe, Managing Director of the Middle Market practice at Cascadia Capital. "This deal showcases Cascadia and Meriwether's partnership mentality when it comes to deal-making - coupling our proven transaction expertise and our in-depth understanding of the dynamics shaping the middle market sectors in the Pacific Northwest, with our clients desire to align long-term business and industry goals with liquidity outcomes."
About Meriwether Group
Meriwether Group, Inc. is a business acceleration firm and trusted advisor to iconic brands and growing businesses. It is headed by seasoned senior executives with decades of operational experience with some of the world's strongest brands, including Nike and Adidas, who are also entrepreneurs and founders as well. Meriwether has the unique ability to efficiently accelerate strategy and outcomes with brand extensions, licensing, distribution, and mergers and acquisitions in a brand-centric and relevant way. Meriwether knows that the heart and soul of any business is the founder's vision. The mission of Meriwether Group is to look through the eyes of the founder(s) and guide them to manifest the brand's destiny. Meriwether partners with clients to define the optimal strategy for progressive growth through brand management, market research, competitive landscape analysis, brand and business valuation and acquisition strategy. For more information, visit www.meriwethergroup.com.
About Cascadia Capital, LLC
Cascadia Capital is a diversified, boutique investment bank serving both private and public growth companies around the globe. Cascadia's business is diversified in terms of the industries the firm covers - Information Technology, Sustainable Industries and Middle Market - and in terms of the range of advisory services it provides - Mergers and Acquisitions, Corporate Financing and Strategic Advising. This diversification provides the firm with stability amidst market fluctuations. Cascadia is a pure advisory firm, and unlike other investment banks, is not conflicted by trading, lending, research or cross selling business. For over a decade, the firm has delivered the best outcomes for clients based on its transaction experience, domain expertise and commitment to building long-term relationships. Cascadia always acts in the long-term interests of clients, and honors its position as a trusted advisor. For more information, visit www.cascadiacapital.com.
Amber Lindsey, 503-231-3086
KEYWORDS: United States North America Idaho Oregon
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