Private equity firm Wind Point Partners has acquired a majority stake in RTIC Outdoors LLC, a major online seller of plastic coolers and other outdoor products.
In a news release, officials with Wind Point in Chicago said that Houston-based RTIC is the largest direct-to-consumer (D2C) e-commerce provider of coolers, tumblers, bottles, travel bags and similar outdoor products. They added that RTIC is "the leading D2C brand for premium coolers and insulated drinkware."
Wind Point is buying its stake in RTIC from brothers Jim and John Jacobsen, who founded the company. Terms of the deal were not disclosed. The Jacobsens will have an ownership stake in RTIC and will remain with the firm as senior advisors and board members.
"We are thrilled to be partnering with [Wind Point] to help drive RTIC's next phase of growth and long-term success," John Jacobsen said.
Longtime consumer products executive Bill Pond now will join RTIC as chief executive officer. Officials said that Pond is "a seasoned leader" of digital D2C businesses focused on athletic and outdoor consumer markets.
Most recently, Pond served as President at SwimOutlet.com following a 16-year career with clothing brand L.L. Bean, where he was responsible for that firm's e-commerce business in domestic and international markets.
Wind Point Managing Director Paul Peterson said that RTIC is "a tremendous brand and a great example of Wind Point's strategy of aligning interests with founders to develop a leadership succession plan for a business that has reached an inflection point in its growth."
RTIC is Wind Point's third platform acquisition of a family-owned business in the last year. The firm's current consumer products holdings include U.S. Nonwovens and Tropicale Foods.
Wind Point also has bought and sold several plastics businesses in its history. The firm currently owns compounder Aurora Plastics and plastics and chemicals distributor A&R Logistics.
Investment bank Brown Gibbons Lang & Co. LLC advised RTIC in the transaction.