Bell Lap Advisors-Led Spire Acquired by Townsend Street Capital

Date

September, 2023

Client

Spire, LLC

Service

Sell-Side M&A Advisory

Buyer

Townsend Street Capital

Watersports Gear, eCommerce, DTC

Spire, LLC, a Troy, Virginia-based designer and engineer of storage gear for watersports and other outdoor gear, was acquired by Townsend Street Capital (TSC). Spire was led by Bend, Oregon-based Bell Lap Advisors in the transaction.

Spire was founded in 2009 by Josh Gordon. Spire successfully developed eCommerce brands StoreYourBoard and Teal Triangle. StoreYourGear produces storage gear and solutions for all manner of outdoor sports, including watersports, cycling, and skiing. Teal Triangle focuses on garage storage for outdoor and recreational gear. Teal Triangle’s systems are custom made to fit any customer’s garage size, layout, and gear storage needs.

Spire President and CEO Andrew Mavraganis said of the transaction, “The Spire team is excited about the opportunity to partner with TSC and leverage its business expertise to propel us forward in our next chapter of growth.”

Townsend Street Capital, headquartered in Birmingham, Michigan, is a private equity firm with offices in Cleveland, Ohio. HighGrove Companies is also an investor in the transaction. TSC Co-Founder and Managing Director Andrew Dickow said in reference to the acquisition, “What sets Spire apart from their competition is their commitment to innovation, exceptional customer service, and an ability to deliver reliable solutions consistently. Josh and the team continue to engineer and design elegant storage solutions that enable their customers to organize and reclaim precious space. The team they have built thinks differently and takes ownership of everything they do, which shows in the quality of their products. We couldn’t be more thrilled to partner with them for this next growth phase.”

Spire executives Josh Gordon, Andrew Mavraganis, and Michael Leff will continue their leadership in the company as part of the terms of the transaction.

Bell Lap Advisors is a leading M&A advisor focused exclusively on the outdoor recreation and active lifestyle industries. Bell Lap is the most active M&A advisor for these industries in North America.

If you have questions about how an M&A transaction could benefit your business, please reach out to us today for free information with no obligation.