Lakewood, CO – Minneapolis-based capital firm Norwest Equity Partners has made what is being described as a significant investment in ski and snowboard retailer Christy Sports to help fund the chain’s acquisition strategy. The transaction closed on October 27, 2015; financial terms were not disclosed.
Founded in 1958, Christy is the largest privately held specialty retailer of ski and snowboard equipment, apparel, accessories and related custom fitting, mounting, tuning and repair services in the Rocky Mountain region. In addition to a broad selection of retail merchandise in its stores, Christy provides ski and snowboard rental services to customers. The Company operates multiple e-commerce sites and currently boasts a broad retail footprint of more than 40 stores strategically located in resorts and ski areas across Colorado and Utah. In addition during the off-season, Christy operates a highly-profitable and growing outdoor furniture retail business.
“Christy Sports has done an excellent job over the years fostering trusted and lasting customer relationships and positioning itself as the ‘go-to’ rental and retail center for snow sports enthusiasts,” stated Todd Solow, a NEP partner and Christy board member. “We are excited to work with (Christy Sports CEO) Patrick (O’Winter) and his management team to significantly grow the business through geographic expansion and add-on acquisitions and feel confident that the combination of our capital and industry expertise will help Christy to continue gaining market share.”
“The entire Christy Sports team is delighted to work with an investment partner like NEP, which will give us the opportunity to expedite our current growth strategy,” added O’Winter. “We are confident the partnership with NEP will help Christy Sports achieve our next level of growth.”
NEP has been investing in growing and profitable middle market companies since 1961 and has deep experience working with consumer-related companies, including Bowtech, eyebobs, Apothecary Products, Shock Doctor, Rosetta Stone, Stanton Carpet, and Select Comfort.