LAFAYETTE, Calif., Feb. 29, 2012 /PRNewswire/ -- Affliction Holdings, LLC, together with its affiliated brands and companies ("Affliction" or the "Company") has been recapitalized by an investor group led by New Evolution Ventures, LLC ("NeV") and Bob Meers. Wells Fargo Trade Credit provided the debt financing and FocalPoint Securities, LLC ("FocalPoint") served as the financial advisor to Affliction with respect to the transaction. In a simultaneous closing, Affliction acquired a controlling interest in Throwdown Industries, Inc. ("Throwdown"). Terms of these transactions were not disclosed.
Based in Seal Beach, California, Affliction is a branded lifestyle apparel company that is defined by its Live Fast™ tagline, symbolizing an adrenaline-filled lifestyle. Throwdown, one of the global leaders in impact sports, has its roots in equipment and gear and recently leveraged its brand into soft goods, including apparel and accessories.
Bob Meers, previously the CEO of Reebok and lululemon athletica, joined Affliction as CEO in August 2011 and will continue to lead the Company post-transaction. Meers stated, "I am excited to complete this transaction with NeV and see a very bright future for Affliction and Throwdown. The founders of Affliction have done a terrific job building a unique brand and I see tremendous opportunities, both domestic and international, through organic initiatives and acquisitions."
Brent Leffel, President of NeV, added, "We are pleased to partner with the remaining founders of Affliction and Bob Meers, who I have known for many years. Affliction is a well-positioned growth platform, now augmented by Throwdown, which provides inroads into the sports performance channel. The potential of this business, under the leadership of Bob, is limitless."
"Bringing this investor group together with Affliction made all the sense in the world," according to Duane Stullich, Managing Director at FocalPoint. "Bob and NeV truly understood the potential of Affliction and Throwdown and I am very confident that they will prove successful in taking both businesses to new heights."
Integrity Square LLC (www.integritysq.com), a New York based advisory firm focused on the health & wellness sector and active lifestyle, represented Throwdown as financial advisor, and Andrew Kline and Frederico Lapenda of Park Lane (www.prkln.com), a Los Angeles-based investment bank focused on the sports industry, served as financial advisors to NeV.
About Affliction (www.afflictionclothingstore.com)
Founded in 2005, Affliction has evolved into a diversified family of brands, defined by a loyal customer base, with innovative designs, styles and cuts. The Company's clothing appeals to enthusiasts of many different extreme sports (including skate boarding, snowboarding, MMA, surfing, NASCAR and motocross) as well as rock 'n roll music. The Company's design team has successfully proven its ability to introduce new brands and product line extensions.
About Throwdown (www.throwdown.com)
Founded in 2002, Throwdown is a global leader in impact sports. With its roots in providing cages, racks, rings, ramps, equipment and gear across impact and action sports (including serving as the official provider to UFC Gyms), Throwdown has leveraged its brand into soft goods including apparel and accessories.
About New Evolution Ventures, LLC (www.nev.com)
Based in Northern California, New Evolution Ventures (NeV) is a private equity firm focused on the acquisition, development and operations management of fitness, media and sports entities both domestically and internationally. Founded in 2008 by Mark Mastrov, Jim Rowley and Mike Feeney, the current team of NeV professionals is shaping the world of fitness, media, and sports one brand at a time. With a foundation representing over a century of business experience, NeV currently has operations and investments in more than 20 countries worldwide representing over 800+ facilities. In 2011, NeV entered into a strategic partnership with Vision Capital, an international private equity investor. For more information, please visit www.nev.com.
SOURCE New Evolution Ventures