Norwest Equity Partners first acquired Shock Doctor back in 2008.Photo courtesy of Norwest Equity Partners
The deal includes mouthguard maker Shock Doctor, which NEP previously owned years ago.
Norwest Equity Partners first acquired Shock Doctor back in 2008.Photo courtesy of Norwest Equity Partners
Norwest Equity Partners already bought and sold mouthguard maker Shock Doctor years ago. Now, it’s buying back the company along with its new ownership.
On Monday, Norwest announced that it has purchased Shock Doctor parent company United Sports Brands (USB) for an undisclosed amount. The deal officially closed Nov. 20.
USB sells a range of sports products, including mouthguards and other protective gear and apparel. The company, which sells products in more than 65 countries, has a total of six sporting-related brands.
The oldest private investment firm in the Twin Cities, Norwest Equity Partners first acquired Shock Doctor back in 2008.
In 2014, the investment firm went on to sell the company to Bregal Partners, which eventually turned into United Sports Brands. In 2018, Norwest brought on former Shock Doctor CEO Tony Armand as a partner.
“While Shock Doctor is still a key part of the USB brand portfolio today, the company has grown tremendously over the years and looks much different than it did back in 2014,” Armand said in an email to TCB. “We are excited about the growth prospects for the company and we believe that its relentless focus on the athlete makes it a great time to invest in the business again.”
Sporting goods and active lifestyle companies are one of Norwest Equity Partners’ focused investment platforms, said Armand. Previous NEP investments in the sports industry include Wahoo Fitness, Pure Archery, and Pelican Products. Armand said that reinvesting in USB presents an opportunity to boost the company’s international reach and footprint.
The acquisition comes weeks after Wells Fargo announced its decision to sell its stakes in NEP and Norwest Mezzanine Partners in a $2 billion deal. Wells Fargo has held assets in Norwest since its 1998 merger Norwest Corp. Bank. The bank’s assets are being bought by a large buyer group, according to reporting by the Star Tribune.
“NEP’s strategy continues to focus on investing in growing and profitable middle-market companies,” said an NEP spokesperson to TCB in light of the Wells Fargo decision.
