M&A Deal Summary

Hybrid Apparel Acquires Air Waves

On June 30, 2021, Hybrid Apparel acquired consumer products company Air Waves from Cave Creek Capital Management, C3 Capital and Stewart Capital Management

Acquisition Highlights
  • This is Hybrid Apparel’s 1st transaction in the Consumer Products sector.
  • This is Hybrid Apparel’s 1st transaction in the United States.
  • This is Hybrid Apparel’s 1st transaction in Ohio.

M&A Deal Summary

Date 2021-06-30
Target Air Waves
Sector Consumer Products
Buyer(s) Hybrid Apparel
Sellers(s) Cave Creek Capital Management
C3 Capital
Stewart Capital Management
Deal Type Add-on Acquisition

Target

Air Waves

Lewis Center, Ohio, United States
Air Waves is a provider of on-demand garment printing and fulfillment services for major online retailers. Air Waves design, source, print, and fulfill private label programs that mitigate inventory risks and maximize revenue. Air Waves was founded in 1983 and is based in Lewis Center, Ohio.

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Buyer(S) 1

Buyer

Hybrid Apparel

Cypress, California, United States

Category Company
Founded 1997
Sector Apparel/Textiles
DESCRIPTION

Hybrid Apparel is a full-service design, development, sourcing, and apparel distribution company that provides branded, licensed and private label apparel. Hybrid Apparel was founded in 1997 and is based in Cypress, California.


DEAL STATS #
Overall 1 of 1
Sector (Consumer Products) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Ohio) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1

Seller(S) 3

SELLER

Cave Creek Capital Management

Phoenix, Arizona, United States

Investor Investor Investor


Category Private Equity Firm
Founded 2004
Size Small
Type Sector Agnostic
DESCRIPTION

Cave Creek Capital LLC is a growth investor with the flexibility of a family office, the talent of a major firm, and a much wider range of capital solutions than traditional Private Equity funds. Cave Creek looks to commit equity and mezzanine Investments of $5M to $25M and Companies with $20M to $150M of Revenues. Areas of interest include Business Services, Consumer Products & Services, Specialty Retail & Distribution, Healthcare Services, and Specialty Manufacturing. Cave Creek Capital Management was formed in 2004 and is based in Scottsdale, Arizona.


DEAL STATS #
Overall 13 of 13
Sector (Consumer Products) 1 of 1
Type (Add-on Acquisition) 4 of 4
State (Ohio) 1 of 1
Country (United States) 11 of 11
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-24 GrowersHouse

Phoenix, Arizona, United States

GrowersHouse offers the largest selection of hydroponic equipment for home growers, professionals, and large-scale commercial operations. GrowersHouse was founded in 2011 and is based in Phoenix, Arizona.

Buy -
SELLER

C3 Capital

Kansas City, Missouri, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1994
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

C3 Capital is a private investment firm that provides capital for later-stage growth, strategic acquisitions, ownership transitions, and recapitalizations. The Firm typically invests in the form of subordinated debt or preferred equity and can commit between $3 and $15 million in businesses with at least $2 million of EBITDA. Target sectors include chemicals, plastics, energy, business services, distribution, and high value-added manufacturing. C3 does not seek a controlling interest when pursuing investments. C3 will not invest in real estate, oil/gas exploration, or financial institutions. C3 Capital is based in Kansas City, Missouri.


DEAL STATS #
Overall 20 of 25
Sector (Consumer Products) 2 of 2
Type (Add-on Acquisition) 8 of 10
State (Ohio) 1 of 1
Country (United States) 20 of 25
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-10 Electronic Transaction Consultants

Richardson, Texas, United States

Electronic Transaction Consultants is a technology solutions provider for the mobility and transportation industries. ETC's solutions process over 2 billion transactions annually, incorporating the latest in open-source machine learning and data streaming technology, with predictive Big Data analytics to offer innovative architectures comprising our riteSuite products. Electronic Transaction Consultants was founded in 1999 and is based in Richardson, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-13 Warne Scope Mounts

Tualatin, Oregon, United States

Warne Scope Mounts is a designer and manufacturer of an extensive range of quick-detachable and fixed scope mounting systems for firearms. Warne Scope Mounts was founded in 1991 and is based in Tualatin, Oregon.

Sell -
SELLER

Stewart Capital Management

Overland Park, Kansas, United States

Investor


Category Private Equity Firm
Founded 2006
Size Small
Type Sector Agnostic
DESCRIPTION

Stewart Capital Management is a private equity firm that invests in middle-market companies headquartered throughout North America. Stewart focuses on companies with revenues in excess of $20 million and EBITDA greater than $3 million. Specific areas of interest include manufacturing, direct marketing, restaurant, and retail companies. The Firm will consider a variety of transaction types, including MBO’s, growth capital financings, recapitalizations and corporate divestitures. Stewart Capital Management was formed in 2006 and is based in Overland Park, Kansas.


DEAL STATS #
Overall 4 of 4
Sector (Consumer Products) 1 of 1
Type (Add-on Acquisition) 2 of 2
State (Ohio) 1 of 1
Country (United States) 4 of 4
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-17 American Piping Products

Chesterfield, Missouri, United States

American Piping Products is a specialized distributor of seamless and welded pipe and tubular related products. American Piping Products serves international customers in a variety of end markets including energy, refining, petrochemical, power generation, and diversified industrial. American Piping Products was founded in 1994 and is based in Chesterfield, Missouri.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-07 4AllPromos

Essex, Connecticut, United States

4AllPromosis a direct marketer of promotional products that sells products online with order customization and fulfillment taking place through a network of third-party suppliers. 4AllPromosis is based in Essex, Connecticut.

Buy -