Sports Protection Products Leader Well-Poised for Continued Growth
MINNEAPOLIS--(Business Wire)--
Norwest Equity Partners ("NEP"), a private equity firm focused on
investments in growing and profitable middle market companies, today
announced that it has acquired Shock Doctor, Inc. ("Shock Doctor(TM)"
or the "Company"), a leading branded consumer products company focused
on the sports protection category.
Shock Doctor(TM), based in Plymouth, Minnesota, is a
widely-recognized brand leader that produces sports protective gear
with innovative design and superior technology. In addition to a full
line of patented, technologically-advanced mouthguards, Shock
Doctor(TM) manufactures more than 650 SKUs and offers a comprehensive
line of innovative performance products, including core protective
gear for hockey, football, baseball, lacrosse, and motorsports, as
well as protective cups, supporters, compression shorts, and patented
Powder Dry gear bags.
Timothy Kuehl, NEP Partner and Shock Doctor(TM) board member,
stated, "Shock Doctor(TM) provides a terrific investment opportunity
for NEP. With consistent sales and profitability growth over the years
it has established a technology leadership position within its market.
Together with the management team, NEP is in position to leverage an
established consumer brand and continue to work on building an entire
sports protection products platform."
Steve Washburn, Shock Doctor(TM) President and Chief Executive
Officer, stated, "Much of our growth success comes from our strategy
of focusing on brand development, product innovation and category
segmentation across a broad range of sports categories. We are very
much looking forward to working with NEP as our new investment partner
to build upon this proven strategy."
Originally established as E-Z Gard Industries, Inc., the Company
was the first to significantly redesign the conventional, single layer
mouthguard used in the United States since the 1940s. Its products
were designed with extensive research, design and development,
including working directly with dentists, orthodontists, oral
surgeons, professional athletes, parents and children to help
determine how to improve both the safety benefits and comfort features
needed in a mouthguard. The result, more than 15 years ago, was the
introduction of the Company's signature product - the Shock Doctor(TM)
mouthguard. Billed as the "first engineered mouthguard," the product
quickly became an essential piece of equipment for hundreds of
thousands of athletes. The Shock Doctor(TM) brand became so well
recognized that, in 2000, the company officially changed its name from
E-Z Gard to Shock Doctor, Inc.
Shock Doctor(TM) products are offered through sporting goods
dealers, catalogs and health care professionals throughout the United
States, Canada, Europe, Japan and Australia.
Prior to the NEP acquisition, Shock Doctor(TM) was a portfolio
company of Minneapolis private equity firm Hillcrest Capital Partners
("Hillcrest"). Jeff Turner, Managing Partner of Hillcrest, stated,
"Since our investment in Shock Doctor(TM) nearly five years ago, the
Company has more than tripled revenue through the addition of a
variety of products lines that not only leverage its brand name but
its broad retail relationships. Shock Doctor(TM) is in a great
position to continue realizing its growth strategy with NEP as its new
investment partner."
Wachovia Securities (led by bankers Joseph Pellegrini and Andrew
Martin) served as financial advisor to Shock Doctor(TM), Lindquist &
Vennum, LLP provided legal counsel to NEP, and Faegre & Benson LLP
provided legal services to Hillcrest.
For more information on Shock Doctor, please visit
www.shockdoctor.com.
Norwest Equity Partners (NEP) provides middle market companies
with the capital they need to reach their goals. The firm focuses on
providing equity investments of $20-$80 million in growing and
profitable companies through management buyouts, recapitalizations,
and growth financings. NEP takes pride in its flexible investment
charter, extensive resources, carefully tailored transactions and
meaningful partnerships. Since its founding in 1961, NEP has earned a
reputation as one of the premier private equity investment firms in
the United States. NEP has in excess of $3 billion in capital under
management and is currently investing NEP VIII, an $800 million fund.
Visit www.nep.com for more information on our portfolio and investment
team.
Norwest Equity Partners
Heather Goodwin, 612-215-1676
Marketing Director
612-215-1601 Fax
hgoodwin@nep.com
www.nep.com
Copyright Business Wire 2008
