Deal Details

Equity Investment by Norwest Equity Partners

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Summary

About

Wahoo Fitness (“Wahoo” or the “Company”) has received an equity investment from Norwest Equity Partners (“NEP”). The terms of the transaction were not disclosed.

Founded in 2010 by CEO Chip Hawkins, Wahoo has grown to be the brand of choice for passionate endurance enthusiasts who want to enhance their experience with a straightforward, yet powerful ecosystem of connected devices for training, competing, and simplifying exercise. Today, Wahoo’s portfolio of products includes the KICKR family of Indoor Cycling Trainers, the ELEMNT family of Cycling Computers, and the TICKR family of Heart Rate Monitors. They are sold in over 50 countries through leading retailers as well as through the Company’s own direct-to-consumer website, wahoofitness.com. The Wahoo brand is known for innovation, quality, and performance, attracting elite athletes around the world, including 5-time Tour de France winner – Team Sky, 2-time Ironman Champion – Jan Frodeno, and current UCI world champion cyclist – Peter Sagan of Team Bora-Hansgrohe. Wahoo is headquartered in Atlanta, Georgia.

Founded in 1961, NEP is a leading middle market investment firm that invests equity capital in companies that are leaders in their industries with proven business models that have demonstrated the ability to generate profits. NEP has extensive experience with management buyouts, recapitalizations and growth financings, including working with founder and family-owned companies. Wahoo broadens NEP’s active lifestyle investment platform to include fitness technology and consumer products. Headquartered in Minneapolis, Minnesota, NEP is currently investing NEP X, a $1.6 billion fund.

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