Press & news
EMERAM Capital Partners Closes Continuation Fund for Boards & More, a Leading Water Action Sports and Bike Equipment Platform
Munich, 14 December, 2021: EMERAM Capital Partners, one of the leading investment managers of medium-sized companies in the German-speaking region, closed a single-asset continuation vehicle for its Fund I portfolio company Boards & More. The company has established itself as the leading global platform for kitesurfing, windsurfing and stand-up paddling (SUP) equipment, with additional product lines in cycling apparel, bike protection, and aftermarket bike equipment. The transaction was led by Coller Capital, one of the world’s leading dedicated secondaries investors.
Since EMERAM came on board in 2013, Boards & More has substantially increased its sales by 4x and almost doubled its workforce to 180. In addition, it has launched DUOTONE, a new kiteboarding brand that instantly secured a top spot in the market. The company has not only rigorously internationalised all three of its brands but has become an established technology leader, producing innovations such as the click bar and wingfoiling. It has also tapped into the bike segment with the ION brand. Over the course of its development since being established in 2000, Boards & More has built up the world's strongest sales organisation in the wind/water sports sector and is represented in international core markets such as the US and Brazil. In April 2021, Boards & More continued its growth and acquired the cycling specialist SQlab.
Dr Christian Näther, Managing Partner at EMERAM, said: “We are excited to partner with the Boards & More management team and Coller Capital for the next chapter in the company’s growth to realise the significant upside potential. The transaction is an excellent outcome for our existing limited partners as it gives them the option to lock-in returns at a significant uplift after a successful first phase of the investment or to participate in the next part of the Boards & More journey with us. The confidence exhibited by the secondary market reflects the quality and growth potential of Boards & More.”
Till Eberle, CEO of Boards & More, comments: “EMERAM is a strong partner and has significantly supported our growth over the past years. We look forward to continuing to work together to maintain this path of success.”
Financial details are not to be disclosed. Raymond James | Cebile Capital was the sole financial advisor to EMERAM Capital Partners on the transaction. P+P Pöllath + Partners acted as the legal counsel for EMERAM while Akin Gump and Flick Gocke Schaumburg acted as the legal counsel for Coller Capital.
Boards & More is the world market leader for windsurfing, kitesurfing, wingfoiling and stand-up paddling equipment as well as a leading supplier of mountain bike accessories. The Boards & More Group includes three established sports brands: DUOTONE is the global market leader in kitesurfing and wingfoiling sports, Fanatic is the global market leader in windsurfing and stand-up paddle boards, and ION is a leading brand for water sports and mountain bike equipment. Boards & More, with approximately 180 employees, was founded in 2000 and became a portfolio company of EMERAM Capital Partners in 2013.
EMERAM is one of the leading investment managers of medium-sized companies in the German-speaking region. Funds advised by EMERAM currently provide over 400 million euros of capital for the development of companies. The portfolio includes companies from the Technology/Software, Value-added Services and New Consumer Staples sectors.
EMERAM acts as a long-term business development partner for its companies and supports the sustainable growth (organic and inorganic) of its portfolio companies. Currently, the portfolio contains six platform investments, which have generated continuously double-digit organic sales growth rates. This is in addition to the significant in-organic and international expansion generated by the over 20 add on acquisitions that EMERAM has carried out.
Coller Capital, founded in 1990, is one of the world's leading investors in the secondary market for private assets – and widely acknowledged as an innovator at the complex end of secondaries.
The firm provides liquidity solutions to private markets investors worldwide, acquiring interests in private equity, private credit, and other private markets assets. With headquarters in London, and offices in New York and Hong Kong, Coller’s multinational investment team has a truly global reach.
In January 2021, the firm closed Coller International Partners VIII, with committed capital (including co-investment vehicles) of just over $9 billion and backing from over 200 of the world’s leading institutional investors.