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Private Investors Buy Into Timbuk2 Designs
OCTOBER 04, 2005 --
A majority interest in Timbuk2 Designs, a San-Francisco based manufacturer of bicycle messenger bags, computer carrying cases and other urban-lifestyle bags and accessories, has been taken by private equity investors. Terms of the deal were not disclosed.
The equity investment is led by a new San Francisco private equity fund, VMG Equity Partners, and the Washington, D.C.-based fund, Capital Logic Partners. Debt financing is provided by the San Francisco branch of Bethesda, MD-based CapitalSource Finance LLC. Investment advisory services were provided by North Point Advisors of San Francisco.
Timbuk2 remains independent and privately-held, and its current CEO, Mark Dwight, will continue to lead the company. Three years ago, Dwight led a group of private investors and a local institutional investor, Pacific Community Ventures, to purchase the 16-year-old company.
Since then, Timbuk2 has reorganized its operations, expanded its product offerings and distribution, and achieved profitability. In the process, the company's annual revenue has more than tripled. "This is a proud
moment in Timbuk2's history," said Dwight. "We have delivered a significant return to our initial investors – nearly four-and-a-half times their original investment in just three years. Our new investors provide the financial resources and strategic marketing expertise to fuel our next big growth phase."
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