Bertram Capital has tapped the $500m third fund it raised last year to buy low-smoke fire pit and camping stove business Solo Stove.
Terms of the deal were not disclosed, although Bertram has previously said Fund III will focus on investing in companies with a minimum of $25m in revenue and $5m in EBITDA.
Bertram partner Ryan Craig said, “Solo Stove is one of the first digitally native outdoor brands to achieve critical mass.
“The company excels at designing products that are loved by ultralight hikers, car campers, and backyard enthusiasts alike.
“We see a tremendous opportunity for our in-house IT group, Bertram Labs, to augment the company’s digital capabilities and help accelerate brand awareness.”
Bertram hit the $500m hard cap for its Growth Capital III vehicle in February 2018, marking its first fundraise in eight years.
The firm is led by its executive partnership team of Jeff Drazan, Kevin Yamashita, Ryan Craig, Jared Ruger, David Hellier, Ingrid Swenson and Brian Wheeler.
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