ACON Investments Acquires Igloo Products Corp.
KATY, Texas, March 31, 2014 /PRNewswire/ -- Igloo Products Corp. (Igloo or the Company), the number one cooler manufacturer worldwide, announced it has been acquired by an affiliate of ACON Investments, L.L.C. (ACON), a Washington, D.C.-based private equity firm.
ACON purchased Igloo from J.H. Whitney, a Connecticut-based private equity firm, which will maintain a small stake in the Company. Igloo will continue to be led by Chairman and CEO Gary Kiedaisch and other members of the existing management team, who are also purchasing significant interests in Igloo in connection with the transaction. The Company will focus on continued growth in the Outdoors, Housewares and Sporting Goods markets. The terms of the transaction were not disclosed.
Kiedaisch commented, "J.H. Whitney has been an excellent partner for Igloo's initial growth strategy helping us achieve exceptional organic growth over the past five years. The entire Igloo management team is looking forward to working with ACON to further grow and leverage the extensive platform the Company has established."
"ACON brings fresh capital and resources to Igloo, and their diversified portfolio and expertise provides Igloo with the ability to penetrate new markets and categories through product extensions and acquisitions. We are very excited about this new partnership with ACON and the benefits it will bring to our valued trade partners," continued Kiedaisch.
"We are excited to have the Igloo brand and its accomplished leadership team join ACON's portfolio of companies," said Ken R. Brotman, a Founding Partner of ACON. "The Company has demonstrated solid performance through its long-tenured relationships with its customers and has built a strong foundation for continued success and expansion through its core products," added Brotman.
Igloo Products Corp. is a Texas-based international designer, manufacturer and marketer of coolers and other outdoor products and housewares. Founded in 1947, Igloo is responsible for originated the cooler category and has remained the number one cooler brand worldwide. For more than 65 years, the Igloo brand has been synonymous with quality, durability and innovation. Offering more than 500 different products, Igloo coolers are sold by more than 110 thousand retailer storefronts around the world. For more information, visit www.igloocoolers.com.
About ACON Investments
ACON Investments, L.L.C. is a Washington, D.C.-based international private equity investment firm that manages private equity funds and special purpose partnerships that make investments in the United States and Latin America. Founded in 1996, ACON and its principals have managed over $3.0 billion of capital. ACON pursues a theme-based investment strategy by focusing on industries and businesses at key inflection points in their development and pursues these opportunities in close partnership with established management teams. ACON has offices in Washington, Los Angeles, Mexico City, Sao Paulo and Bogota. For more information, visit www.aconinvestments.com.
Igloo Products Corp.
ACON Investments, L.L.C.
SOURCE ACON Investments, L.L.C.