Milwaukee’s Mason Wells has acquired EastPoint Sports Ltd.
Milwaukee private equity firm Mason Wells said Tuesday it has acquired the New Jersey-based sporting goods company EastPoint Sports Ltd. Financial terms of the deal weren’t disclosed. EastPoint, founded in 2009 by Mike Nally, is a supplier of indoor and outdoor recreational sporting goods. EastPoint will be owned by Mason Wells, the Nally family, senior management, board members and Bounds Equity Partners.
EastPoint develops, imports and markets recreational sporting goods sold through retail and e-commerce channels in North America. Product categories include tailgate games, lawn games, sport games, indoor game accessories and table games.
Among its products are bean bag toss, table tennis, volleyball and badminton nets and indoor basketball hoops. EastPoint markets its products under owned and licensed brands, including Go! Gater, Majik, RecTek, Classic Sport, Narwhal, NHL, HEAD and PENN.
The company is headquartered in Succasunna, New Jersey, and has an office in Shanghai, China. It occupies third-party warehouses in California and Ontario, Canada.
“We are very excited about our new partnership with Mason Wells,” Mike Nally, president and chief executive officer of EastPoint, said in a statement Tuesday. “Their experience successfully building consumer products companies will provide EastPoint with the resources necessary to support our long-term growth initiatives.”
Chris Pummill, director at Mason Wells, said his private equity firm is “very impressed with EastPoint’s strong management team and employees, unique sourcing infrastructure, and innovative product development capabilities.
“These key factors, along with strong customer and vendor relationships, have enabled the business to achieve remarkable growth during the last decade,” Pummill said. “We are pleased that Mike Nally will continue to lead the business. We also look forward to supporting the team as they expand EastPoint’s retail and e-commerce relationships and develop new products.”
Debt financing for the transaction was provided by PNC Business Credit and Patriot Capital. Godfrey & Kahn served as legal counsel to Mason Wells.
Mason Wells has about $1 billion in assets under management across its current private equity funds. Since Mason Wells was formed in 1998, its buyout funds have invested in four specific industry sectors: consumer packaged goods, outsourced business services, engineered products and services, and packaging materials and converting.