Saxx Underwear receives significant Investment from Brentwood Associates
Private equity firm Brentwood Associates announced on Wednesday that is has made a significant investment in Vancouver-based innerwear brand Saxx Underwear. Saxx is the ninth investment by Brentwood Associates’ Private Equity V, L.P.
Founded by an athlete and outdoorsman, Saxx is one of the fastest growing premium men’s underwear brands in North America. The company aims to revolutionize the core staple of every man’s wardrobe with products like its internal mesh panel underwear. In partnership with Brentwood, Saxx aims to broaden its product portfolio, enhance its digital presence, and expand its international distribution.
Saxx was acquired by a group of private investors in 2010 and is currently led by CEO Tim Bartels, who worked for companies such as Nike, Columbia Sportswear, DC Shoes and Keen. Since 2012, the company’s revenue growth has exceeded 75% annually.
Terry Holland, Saxx’s Chairman, said, “When we began this process to raise outside capital, we established a number of guiding principles for selecting the best partner for our next phase of growth. We met several very high quality firms with valuable perspectives and learned a lot from that process. We are, in the end, particularly pleased to be working with Brentwood. The fit between the two shareholder groups is almost as good as that of a pair of Saxx!”
Brentwood Associates’ Private Equity V, L.P. current and prior apparel investments include Ariat International, Filson, J.McLaughlin, Soft Surroundings, and Sundance Catalog. The firm recently sold Allen Edmonds to Caleres for $255 million.
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