Sandbridge Capital Acquires a Minority Stake in Backjoy
PRESS RELEASE – BOULDER, CO, November 19, 2014 – Sandbridge Capital, a private equity firm focused on growth equity investments in consumer brands, has acquired a minority stake in BackJoy Orthotics, LLC. The investment will be used to help fund BackJoy’s global growth and accelerate the Company’s new product pipeline rollout, in particular its proprietary apparel and footwear lines. Sandbridge Capital Managing Partner, Ken Suslow, will join BackJoy’s Board of Directors.
BackJoy is a high growth health and wellness consumer brand with a burgeoning reputation as the trusted global platform for posture support products. BackJoy’s expansive and innovative product suite provides solutions that address both back pain and proactive wellbeing. The Company sells its products through an efficient global supply chain and distribution system that spans 40+ countries via regional hubs in the U.S., Asia and Europe.
Sandbridge Capital, with offices in New York and Los Angeles, invests in the branded consumer and retail sectors, and was formed with backing from a group of retail and fashion industry icons. Included among its roster of senior advisors are former Gucci Group CEO Domenico De Sole, former Crocs CEO Ron Snyder and designer Tommy Hilfiger, who is an investor in the Sandbridge fund through his Star Branding Group.
“This timely partnership between BackJoy and Sandbridge will enable the company to accelerate its already well-established global distribution network and launch new revolutionary products. The Sandbridge team brings vast experience in brand building, sourcing and distribution that will greatly enhance BackJoy’s impressive position in the fast growing global wellness market,” remarked Ron Snyder who is the Chairman of BackJoy.
“We could not be more excited to collaborate with this incredibly accomplished team to take our brand to the next level,” said Bing Howenstein, founder and CEO of BackJoy. “Sandbridge brings value that goes far beyond that of a financial partner. In a world where the rules of wholesale, retail and e-commerce are continually evolving, they have an unparalleled understanding of what it takes to build exceptional consumer facing brands. We are busy creating a new category where function, specifically good posture, can also be fashionable. I cannot imagine a better partner to help us accomplish our goals.”
“BackJoy’s strong leadership team has created an innovative and trusted brand platform with a significant global growth tailwind that provides for a uniquely compelling investment opportunity, one that is right up our power alley as a firm,” said Ken Suslow. “As such, we are highly enthused to be partnering with this talented management team as they continue to capitalize on their impressive growth initiatives.”
Headquartered in Boulder, CO, BackJoy is a leader in the development and sale of posture support products with a brand identity that clearly promotes its health and wellness mission to consumers. Founded in 2005, BackJoy’s growth as a health and wellness brand comes from positioning itself to capitalize on consumers’ demand for self-care solutions and the prevalence of back pain caused by today’s more sedentary lifestyles.
BackJoy’s highly innovative and proprietary products include its flagship posture improvement seat, sleep products, a recently developed footwear line, apparel and other related posture gear. The Company has quickly established an impressive global reach, selling 27 products across more than 40 countries, including 50 of its own retail stores in China. BackJoy products can be found in more than 6,000 retail locations across the U.S., including Bed Bath and Beyond, Target, CVS and Staples, with an additional 5,000 international doors comprising a total of 11,000 retail locations worldwide, as well as online at www.BackJoy.com.
About Sandbridge Capital
Sandbridge Capital is an investment firm that makes growth equity investments in middle market consumer brands. The firm serves as the general partner of Sandbridge Consumer Fund I, LP. Sandbridge sits at the fulcrum of myriad iconic brands, their founders and respective family offices. This specialized industry concentration allows Sandbridge to best utilize its core operational expertise and leverage industry relationships. Sandbridge invests across consumer focused verticals, including but not limited to: retail, apparel and accessories, health and wellness, consumer durables, and food and beverage brands.