BOTE, LLC Has Been Recapitalized by its Founding Management Team and Prairie Capital
HOUSTON, December 13, 2016 - GulfStar Group is pleased to announce that BOTE, LLC has been recapitalized by its founding management team and Prairie Capital. GulfStar served as the exclusive financial advisor to BOTE throughout the transaction, which closed on September 12, 2016.
BOTE was founded in Destin, FL by Corey and Magda Cooper, with a singular mission: "Stand Apart through industry-shaping innovation, fresh ideas and simplicity to create a product that defines a lifestyle." With that mindset, BOTE has rapidly emerged as one of the most prominent brands in the active outdoor lifestyle market by designing products that deliver step function improvements in functionality and ease-of-use, and that have design aesthetics that run away from the competition.
"Magda and I started BOTE to capitalize on a massive void in the active outdoor lifestyle category, starting with stand up paddle boards and accessories," said Corey Cooper, CEO of BOTE. "Consumers have been beholden to products and brands that offer very little in terms of both function and form. BOTE has changed the game in a dramatic way by putting the consumer first and providing them with a differentiated experience that is centered on ease-of-use and deeper engagement with the activity. Our advanced feature sets massively expand usage occasions by integrating thoughtful and logical functionality, and our unique focus on graphic design has established a brand philosophy and a brand image that consumers want to be affiliated with, and identified through. We're pumped to continue to aggressively expand our leadership position with our partners at Prairie, and look forward to extending our brand reach across the globe."
Prairie Capital focuses exclusively on being the first private equity investor in growth oriented companies with EBITDA of $4 to $12 million. Prairie partners with entrepreneurs and talented management teams to build market-leading companies in growing industries. Since its inception in 1997, Prairie Capital has invested in 86 platform companies. Prairie is currently investing out of its sixth institutional fund, which recently closed at its $350 million hard cap.
"Corey and Magda are, without a doubt, two of the most intellectually creative people we have ever worked with," said Scott Winship, managing director at GulfStar. "They have rapidly established BOTE as a dominant brand in the SUP (stand up paddle) and active outdoor lifestyle categories, with the obvious potential of expanding the brand halo to re-cast the way consumers think about, and interact with, a wide range of outdoor products. Prairie's like-minded philosophy and vast operational resources made them an ideal growth partner for BOTE, and we look forward to watching the continuation of what has been a truly incredible success story."
The GulfStar team consisted of Managing Director Scott Winship along with Associates Robert Willis and Aaron Pyle.
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Group GulfStar is a leading middle market investment bank headquartered in Houston. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed more than 650 transactions in 32 states and 15 foreign countries across a variety of industries.
Securities offered through GulfStar Group I, Ltd. an affiliated entity, member FINRA – SIPC.