NEW YORK and DES PLAINES, Ill., April 3, 2024 /PRNewswire/ — BC Partners Credit, the credit arm of BC Partners, a leading alternative asset management firm, and Riddell, Inc., the industry leader in football helmet technology and sports protection innovation, today announced a strategic partnership that will further advance Riddell’s central role in the game of football into the future.
Founded in 1929 and based in Des Plaines, Ill., Riddell is an iconic brand serving the football equipment market and sports community for nearly a century. Riddell is the premier designer and manufacturer of football helmets, protective sports equipment, head impact sensing and reporting technologies, and related apparel and accessories. The Company also serves as the exclusive licensee of the NFL for collectible helmets and maintains promotional rights with the League as an authorized supplier of helmets worn by more than 77% of NFL players. Riddell is deeply involved in football with key touchpoints at the grassroots level as representatives are strategically based in local communities to address customer needs and provide support.
Riddell’s historically strong growth and financial performance have only improved in recent years, driven by the Company’s robust head protection and technologies roadmap, increased market share, and positive football participation trends. BC Partners’ $400mm investment in Riddell, which includes convertible preferred equity and debt, will empower Riddell to accelerate innovation and make compelling investments in the business for the benefit of all stakeholders. BC Partners will join Riddell’s Board, working closely with Riddell’s management team and committed investors, including majority investor Fenway Partners, who have been pivotal to Riddell’s longstanding success. Riddell will refinance certain existing debt and provide a dividend to current investors as part of the transaction.
“From its market leadership, attractive financial profile, and differentiated portfolio, Riddell has demonstrated it is built for sustained success,” said Ted Goldthorpe, Head of BC Partners Credit. Mr. Goldthorpe continued, “We are pleased to have structured an investment that is customized for Riddell, as the Company embarks on an exciting growth trajectory, with increased investments in research and product development, strategic partnerships, and a best-in-class distribution platform. Dan and the entire Riddell team are exceptional, and we are excited to partner with them.”
Dan Arment, President, and Chief Executive Officer of Riddell, said, “Riddell proudly welcomes BC Partners as advisors and investors in our business. We clearly maintain a shared vision for maximizing Riddell’s role in the rapidly evolving products and services landscape within football and sports. This alignment will ultimately strengthen Riddell’s service to our customers, drive increased financial performance, and deliver value for our investors, including BC Partners and Fenway Partners.”
Said Fenway Partners Co-Founder and Managing Partner, Peter Lamm, “We welcome BC Partners to the Riddell team and look forward to working with them to drive continued innovation and growth. With the best management team in the industry, Riddell is well positioned to deliver outstanding performance for athletes and value for all of its investors.”
Three Ocean Partners served as the sole financial advisor to BC Partners Credit on both the preferred and debt financing, and King & Spalding LLP acted as legal advisor.
UBS Investment Bank and Baird served as financial advisors to Riddell, and Lowenstein Sandler LLP acted as the legal advisor to the Company in connection with the transaction.
About Riddell
Riddell was founded with a goal of giving back to the football community while advancing and improving athlete protection. As the long-standing leader in football head protection and protective athletic equipment for 95 years, Riddell is leading the game to a strong future by creating a path to next generation protection. Riddell also offers best-in-class reconditioning services to help ensure athletes have access to clean, sanitized, and recertified equipment. Off the field, Riddell’s licensed collectibles business is regarded as the cornerstone of football collectibles for fans and collectors of college and the NFL. For more information, visit www.Riddell.com or follow @RiddellSports on Instagram, Twitter, Facebook, and YouTube.
About BC Partners & BC Partners Credit
BC Partners is a leading investment firm with over €40 billion in assets under management across private equity, private debt, and real estate strategies. BC Partners Credit was launched in February 2017, with a focus on identifying attractive credit opportunities in any market environment, often in complex market segments. The platform leverages the broader firm’s deep industry and operating resources to provide flexible financing solutions to middle-market companies across Business Services, Industrials, Healthcare and other select sectors. To date, BC Partners Credit has completed more than 400 transactions. For further information, visit www.bcpartners.com/credit-strategy.
