M&A Deal Summary

Rhône Group and Norwest Equity Partners Acquire Wahoo

On July 7, 2021, private equity firms Rhône Group and Norwest Equity Partners acquired consumer products company Wahoo from Norwest Equity Partners

Acquisition Highlights
  • This is Rhône Group’s 6th and Norwest Equity Partners’ 12th transaction in the Consumer Products sector.
  • This is Rhône Group’s 13th and Norwest Equity Partners’ 66th transaction in the United States.
  • This is Rhône Group’s 1st and Norwest Equity Partners’ 6th transaction in Georgia.

M&A Deal Summary
Date 2021-07-07
Target Wahoo
Sector Consumer Products
Buyer(s) Rhône Group
Norwest Equity Partners
Sellers(s) Norwest Equity Partners
Deal Type Secondary Buyout
Advisor(s) Goldman Sachs
Robert W. Baird & Co., Inc. (Financial)
Jones Day (Legal)

Target

Wahoo

Atlanta, Georgia, United States
Wahoo provides a full ecosystem of sensors and devices for runners, cyclists, and general fitness enthusiasts. Wahoo’s products include the KICKR family of smart indoor riding equipment and accessories, the ELEMNT family of GPS devices and sport watches, the TICKR family of heart rate monitors, as well as Speedplay dual-sided pedals and the SUF structured training app to help you become the most complete athlete. Wahoo was founded in 2009 and is based in Atlanta, Georgia.

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Buyer(S) 2

Buyer

Rhône Group

New York, New York, United States
Category Private Equity Firm
Founded 1996
PE ASSETS 8.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Rhône Group is a private equity and financial advisory firm focused on large-scale buyouts across North America and Western Europe. Areas of interest include energy, materials, industrials, retail, consumer products, healthcare, and financial services. Rhône was formed in 1995 and has offices in New York, Paris, and London.

DEAL STATS #
Overall 29 of 30
Sector (Consumer Products) 6 of 6
Type (Secondary Buyout) 8 of 9
State (Georgia) 1 of 1
Country (United States) 13 of 14
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-10 Global Knowledge

Cary, North Carolina, United States

Global Knowledge is a world leader in technical skills training, supporting major enterprises and IT professionals with innovative and flexible learning solutions and offering authorized content from major technology providers. Global Knowledge delivers training in multiple modalities, both on-demand and instructor-led through virtual delivery and classrooms, blended formats, and customized on-site training, directly and through a worldwide partner network. Global Knowledge was founded in 1995 and is based in Cary, North Carolina.

Sell $233M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-11 Paragon Films

Broken Arrow, Oklahoma, United States

Paragon Films is a manufacturer of high-performance cast stretch films that are principally used to unitize loads while in storage and transit. Paragon Films produces thin-gauge films which outperform competitors in terms of quality, consistency, and value. Paragon Films was founded in 1988 and is based in Broken Arrow, Oklahoma.

Buy -
Buyer

Norwest Equity Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1961
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Norwest Equity Partners (NEP) is a private equity firm focused on investing in growing and profitable middle-market companies. NEP targets investments in businesses valued between $50 and $500 million, typically investing $50 to $250 million of capital per investment. Funds are typically used to fund management buyouts, recapitalizations, and growth financing. Sectors of interest include manufacturing, distribution, healthcare, technology/business services, and consumer products/services. NEP is affiliated with Norwest Mezzanine Partners, an investment partnership focused on providing junior capital to middle-market companies. Norwest Equity Partners is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 69 of 75
Sector (Consumer Products) 12 of 14
Type (Secondary Buyout) 24 of 29
State (Georgia) 6 of 6
Country (United States) 66 of 72
Year (2021) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-01 Avtex Solutions

Minneapolis, Minnesota, United States

Avtex is a full-service Customer Experience (CX) company focused on helping organizations build meaningful connections with their customers, members, and constituents. Avtex offers a wide range of solutions to support CX transformation planning and orchestration of experiences for clients. Avtex Solutions LLC was founded in 1972 and is based in Minneapolis, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-02 Focal Point

Tampa, Florida, United States

Focal Point is a cybersecurity services firm working with key security technology providers to address customer priorities – including those in the most highly regulated and complex industries such as government, financial services, and healthcare. Focal Point was founded in 2005 and is based in Tampa, Florida.

Sell -

Seller(S) 1

SELLER

Norwest Equity Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1961
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Norwest Equity Partners (NEP) is a private equity firm focused on investing in growing and profitable middle-market companies. NEP targets investments in businesses valued between $50 and $500 million, typically investing $50 to $250 million of capital per investment. Funds are typically used to fund management buyouts, recapitalizations, and growth financing. Sectors of interest include manufacturing, distribution, healthcare, technology/business services, and consumer products/services. NEP is affiliated with Norwest Mezzanine Partners, an investment partnership focused on providing junior capital to middle-market companies. Norwest Equity Partners is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 44 of 54
Sector (Consumer Products) 8 of 9
Type (Secondary Buyout) 20 of 24
State (Georgia) 3 of 4
Country (United States) 43 of 52
Year (2021) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-01 Avtex Solutions

Minneapolis, Minnesota, United States

Avtex is a full-service Customer Experience (CX) company focused on helping organizations build meaningful connections with their customers, members, and constituents. Avtex offers a wide range of solutions to support CX transformation planning and orchestration of experiences for clients. Avtex Solutions LLC was founded in 1972 and is based in Minneapolis, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-02 Focal Point

Tampa, Florida, United States

Focal Point is a cybersecurity services firm working with key security technology providers to address customer priorities – including those in the most highly regulated and complex industries such as government, financial services, and healthcare. Focal Point was founded in 2005 and is based in Tampa, Florida.

Sell -
Mergr

Product

Company

Legal