Expanding from Land to Sea, Brand Velocity Partners Acquires Marine Industry Leader
NEW YORK, Feb. 13, 2020 /PRNewswire/ -- For the second time within a month, Brand Velocity Partners (BVP), the private equity firm building its reputation on adding brand marketing muscle to support the growth of consumer-related companies, today announces it has acquired an industry leader.
Magma Products, the leading manufacturer and marketer of high-quality cookware products designed for use in harsh marine and outdoor environments, joins Original Footwear Company as the first two companies benefitting from BVP's unique marketing proposition.
BVP partners include private equity veterans Austin Ramos and Steve Lebowitz, and two esteemed marketing principals – Drew Sheinman and Larry Rothstein – who along with Rothstein's full-service ad/marketing firm, Source Communications, are nationally recognized for having designed and activated a broad spectrum of consumer-facing programs and ventures for companies such as Coca-Cola, MLB, and Subway. John Goldman, former leader of the sports practice at Herrick, Feinstein LLP, is also a BVP partner.
About the acquisition of Magma, Sheinman said, "We are thrilled to be able to apply BVP's differential – its marketing and merchandising expertise – to this industry leader. The luxury market is often under-served by marketers, and we think there is extraordinary potential in marketing Magma's grills and cookware to a broader audience."
Said Chris de Recat, Magma's recently appointed chief executive officer, "Magma's reputation for producing the highest quality products within our category will be enhanced by our relationship with Brand Velocity Partners. Leveraging BVP's brand marketing expertise, we will be introducing new products to new segments in the months ahead. Stay tuned."
Merion Investment Partners, a leading investor in the lower-middle market, provided mezzanine debt and equity financing to facilitate the transaction. Pacific Mercantile Bank, the wholly-owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC) and a trusted commercial bank headquartered in Southern California, provided a line of credit to support Magma's ongoing working capital needs.
For more information on Magma, please visit www.MagmaProducts.com.
About Brand Velocity Partners
Brand Velocity Partners is a private equity firm that acquires and grows lower-middle market consumer businesses through the application of its exceptional brand marketing resources.
In partnership with BVP, Source's full-service agency develops and executes marketing plans for BVP portfolio companies. Portfolio companies also leverage BVP's vast sports and entertainment networks to create accretive deals with athletes, teams, leagues, celebrities, and other businesses. In addition, BVP's collection of industry leaders (the "Accelerators") from different facets of marketing and innovation (e.g., digital, research, analytics, brand-building, influencer connectivity) augment best-in-class solutions for BVP portfolio companies.
Accelerators include Ian Schafer (co-founder & CEO of Kindred, founder and former CEO of award-winning global ad agency Deep Focus, and a world-recognized social media expert); Sanjay Sood (faculty chairman as well as professor of marketing and behavioral decision making at UCLA's Anderson School of Management); Edwin Wong (senior vice president at Vox Media, previous roles at Pinterest, Veoh, and Yahoo, and leading expert in digital consumer behavior); and Whitney Johnson (one of the 50 leading business thinkers in the world as named by Thinkers50).
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SOURCE Brand Velocity Partners