O’Melveny Advises Solace Capital Partners in Acquisition of Sun Mountain SportsMarch 07, 2022
FOR IMMEDIATE RELEASE
CENTURY CITY—March 7, 2022—O’Melveny represented Los Angeles-based private equity firm Solace Capital Partners in its acquisition of Sun Mountain Sports, a Missoula, Montana-based maker of golf bags, carts, and apparel.
The transaction was announced on March 7.
The O’Melveny team advising Solace was led by Century City M&A partner David Smith, along with counsel Sarah Hoffner, Shawmir Naeem, and Cliff Wen, and associates John Peshtaz, Connor Sletten, and Adrian Vidaurri.
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Solace issued the following announcement via Business Wire:
Solace Capital Partners Acquires Sun Mountain Sports
March 07, 2022 09:00 AM Eastern Standard Time
LOS ANGELES--(BUSINESS WIRE)--Solace Capital Partners (“Solace”) today announced that it has acquired Sun Mountain Sports, Inc. (“Sun Mountain” or the “Company”), a leading producer of golf equipment and apparel, from founder and golf industry innovator Rick Reimers. The Company will remain headquartered in Missoula, Montana, and will continue to be led by its current management team, including long-time executive Ed Kowachek, who will assume the role of Chief Executive Officer, and Blake Ludwig, Chief Financial Officer. Mr. Reimers will retain ownership of Sun Mountain Motor Sports, which produces electric golf carts under the Finn Scooters brand. Terms of the transaction were not disclosed.
Founded in 1981, Sun Mountain is a pioneer in the golf industry known for its best-in-class brand and many innovations in golf bags, push carts, and outerwear. The Company developed the first lightweight golf bag and modern stand bag and is the leading independent golf bag manufacturer in North America. The Company was the first to introduce golf-specific performance outerwear and rainwear and has been credited with inventing the three-wheel golf push cart. Today, Sun Mountain’s products are sold in national retail stores, specialty golf stores, and pro shops, as well as online and internationally. Sun Mountain’s focus on quality and performance has earned it the trust and preference of golfers everywhere.
Brett Wyard, a Managing Partner at Solace, said, “Sun Mountain is widely recognized as the standard in golf bags, push carts and outerwear due its superior product quality and commitment to innovation. Under Rick’s ownership, the Company has built a stellar reputation for excellence, and we see attractive opportunities to grow the business and bring its wide range of products to as many golfers as possible. We look forward to working alongside Sun Mountain’s highly-experienced, long-tenured management team and talented employees to continue to provide solutions for golfers and steward the Company in its next phase.”
Mr. Kowachek said, “Our mission will always be to create original, world-class golf products that enhance our customers’ experience and performance on and off the course. We are pleased to partner with Solace, which possesses substantial financial resources and operational expertise, to execute our mission on an even larger scale. I have been incredibly fortunate to work with and learn from Rick over the years and will strive to continue the legacy of a man who did so much to improve the sport of golf.”
Mr. Reimers said, “For 40 years, Sun Mountain has watched and listened to golfers and worked diligently to create products that make the sport a more enjoyable experience. I am proud of the patents we have earned, the innovations we have ushered in, and the lifelong friends I have made along the way. Solace brings a shared sense of values and deep appreciation for the brand, and I am confident that under Ed’s and the Sun Mountain team’s leadership, the Company’s best days are ahead.”
Three Ocean Partners served as financial advisor to Sun Mountain and Herrick LLP served as its legal counsel. O’Melveny & Myers LLP served as legal counsel to Solace.
About Solace Capital Partners
Solace Capital Partners is a Los Angeles-based private investment firm that provides flexible debt and equity solutions for established lower middle market businesses. Solace seeks to leverage its extensive expertise to provide financial stability, lead operational improvements, and drive performance growth in its portfolio companies while generating attractive risk-adjusted returns for its investors. For more information, please visit http://www.solacecap.com.
About Sun Mountain Sports
For 40 years Sun Mountain has been a pioneer in the golf industry, revolutionizing golf bags, golf outerwear and golf carts. Sun Mountain's many innovations, including the first lightweight golf bag and modern stand bag, have made it the top golf bag company in North America. Within golf outerwear, Sun Mountain redefined golf-specific performance first with the windshirt, then fleece, and again with its four-way stretch, waterproof and breathable rainwear. The Sun Mountain Speed Cart® golf push cart transformed walking carts and created an entirely new category of golf products. Sun Mountain's "Ahead of Time Design" motto drives the company to continually design and refine golf equipment. For the Sun Mountain retailer nearest you call 800-227-9224 or visit http://www.sunmountain.com.
For Solace Capital Partners:
Nathaniel Garnick/Sam Fisher
Gasthalter & Co.
For Sun Mountain Sports:
Sublime Public Relations