Solar Mountain Sports activities: SOLD! – Key Takeaways
- Solar Mountain Sports activities bought to Solace Capital Companions
- Phrases undisclosed
- Solar Mountain administration crew to remain in place
Solar Mountain Sports activities has new possession. Solace Capital Companions, a Los Angeles-based non-public funding agency, introduced right now that it has bought Solar Mountain—lock, inventory and pushcart—from Rick Reimers, the corporate’s founder, director and sole shareholder.
In response to Solace, Solar Mountain will stay headquartered in Missoula, Mont. And it seems the prevailing administration crew will stay in place. As well as, Reimers will retain management of Solar Mountain Motor Sports activities, makers of the Finn golf scooter.
“I’m happy with the patents we now have earned, the improvements we now have ushered in and the lifelong associates I’ve made alongside the best way,” stated Reimers in a press release. “Solace brings a shared sense of values and deep appreciation of the model and I’m assured … the corporate’s greatest days are forward.”
“Underneath Rick’s possession, (Solar Mountain) has constructed a stellar repute for excellence,” stated Solace Managing Associate Brett Wyard. “We see engaging alternatives to develop the enterprise and convey its wide selection of merchandise to as many golfers as potential.”
Solar Mountain Sports activities: Historical past
Reimers, a former golf professional from California, has an extended historical past as an innovator. He first dabbled in light-weight nylon golf baggage within the late Nineteen Seventies and established Solar Mountain in 1981 in San Jose, Calif. Three years later, he moved operations to Missoula and launched distinctive light-weight golf baggage such because the Entrance 9, his first large vendor. In 1986, Solar Mountain launched the Eclipse, which the corporate says was the primary trendy, light-weight stand bag.
By the ’90s, Solar Mountain prolonged its attain into rain gear and different golf-specific seasonal attire. Together with Izzo, Solar Mountain was the primary to introduce double straps on its golf baggage. The corporate additionally launched three-wheeled pushcarts within the ’90s and added the foldable Velocity Cart in 1999. By 2010, Solar Mountain was the most important American maker of golf baggage within the business.
The corporate presently employs greater than 200 individuals.
In 2019, Reimer launched the Finn golf scooter and established Solar Mountain Motor Sports activities.
Who Is Solace?
We did discover this oddly particular nugget on this morning’s press launch asserting the sale:
“Solace Capital Companions is a Los Angeles-based non-public funding agency that gives versatile debt and fairness options for established decrease middle-market companies. Solace seeks to leverage its in depth experience to supply monetary stability, lead operational enhancements and drive efficiency progress.”
In response to its web site, Solace—because the title suggests—gives assist for established companies going through advanced conditions. The agency additionally appears to put money into sound firms with sustainable market positions, engaging property and constructive money movement.
Due to this fact, right now’s announcement shouldn’t be taken to imply Solar Mountain was in any monetary hassle or looking for some type of bailout. That doesn’t look like Solace’s type, particularly since administration at Solar Mountain will stay in place.
Provided that Reimers is holding on to Finn, the sale doubtless falls into the class that Solace calls a “Particular Scenario Buyout.” That may point out Solace felt Solar Mountain is a strong funding with potential. For Reimers, it could seem Solace made the suitable provide on the proper time. It additionally seems Reimers shall be utilizing his new capital to deal with Finn so probably the most logical clarification is Reimers is cashing out on Solar Mountain and going all-in on Finn, a single-rider scooter Reimers believes will velocity up the tempo of play.
At present, Finn scooters are a part of rental fleets at greater than 70 programs within the U.S. and Canada.
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