POW Inc., which started in 2002 as a glove company that went on to equip the U.S. and Canadian Olympic snowboarding teams, has secured $2.5 million from Seattle-based investment firm Columbia Pacific Advisors. The brand plans to use the capital to “develop innovative brands in the active outdoor apparel market.”
Headquartered in Seattle’s Ballard neighborhood, POW Inc., now operates three apparel brands catering to skiers, snowboarders and outdoor sports enthusiasts: POW Gloves, Holden Outerwear and Spacecraft. Last year, POW Gloves bought Holden Outerwear and Spacecraft and created POW Inc. as the parent company for the three brands The combined company sells outdoor sports apparel in more than 35 countries around the world.
The $2.5 million in financing from Columbia Pacific Advisors will enable the company to expand its customer base, enter new markets, upgrade the supply chain and customer-service operations, says the company, and continue its role as a creative conglomerate among unique active sports brands.
“All three of our brands were created by Northwest entrepreneurs, eager to disrupt the marketplace with products that have a style and functionality all their own,” said Greg Danielson, CEO of POW Inc. “The investment from Columbia Pacific Advisors will allow us to expand our role as one of the leading providers of winter sports apparel in the world and also seek new brands to acquire.”
Columbia Pacific Advisors invests in rapidly expanding technology, business services and consumer products companies that don’t meet the rigid lending requirements of a bank but don’t want to give up control and equity to venture capital and private equity firms, says the firm. Instead Columbia Pacific structures tailored financing facilities, using both debt and equity, to match the specific needs of the expanding company.
Columbia Pacific intends to expand its growth capital investment efforts and expects to invest up to $100 million in expansion-stage companies from this fund and other investment vehicles. Current and former portfolio companies include ComiXology; Blue Box Group; World CNG; Next IT; Lighthouse eDiscovery; and Northeast Wireless Networks.
