Sandbridge Capital Takes Stake in BackJoy Orthotics
WWD – BACKING BACKJOY: Sandbridge Capital’s empire is growing. The fashion-minded private equity firm — which last week took a stake in Rossignol and has investments in Derek Lam, Bonobos and others — acquired a minority position in BackJoy Orthotics. The Boulder, Colo.-based company, which is focused on health and wellness through better posture, will use the money to help expand its offerings, particularly in the apparel and footwear areas.
Ken Suslow, who is a managing partner at Sandbridge and will join BackJoy’s board, said the brand was in a “tailwind category” and has 11,000 points of distribution. Growth clocked in at about 70 percent over the last several years.
“There is an element of fashion that will layer into BackJoy,” Suslow said. “This is a lifestyle brand that will have many different components and categories that certainly are going to benefit from [the active lifestyle and health and wellness] trends.”
The company has some apparel offerings already, including the PostureWear Elite Sports Bra, which sells for $64.99 on its Website.
BackJoy was founded in 2005 and markets 27 products in more than 40 countries and has 50 of its own stores in China. About 60 percent of its revenues come from Asia. BackJoy goods are also sold at mainline retailers such as Target and Bed Bath & Beyond. Bing Howenstein, founder and chief executive officer of BackJoy said, “We are busy creating a new category where function, specifically good posture, can also be fashionable.” www.wwd.com