MINNEAPOLIS (BRAIN) — Norwest Equity Partners, a middle-market investment firm founded in 1961, has made an investment in Atlanta-based Wahoo Fitness. The transaction closed on June 30; financial terms were not disclosed, but NEP said the investment was "significant."
Tim DeVries, NEP's managing partner, said, "Wahoo represents a highly reputable brand in the evolving fitness technology space through its ecosystem of category-leading products. Chip Hawkins and his team have generated impressive growth during Wahoo's short history, and their work has positioned the company for continued growth not only within its current offerings but also through additional products and channels in the near future. NEP is fortunate to partner with the Wahoo team, and we view this opportunity as a great fit with our active lifestyle investment platform."
NEP's investment marks the first time Wahoo has partnered with an institutional investor. "We are excited to work with an investment partner like NEP," said Hawkins, Wahoo's founder and CEO. "Our partnership with NEP is a direct reflection of the success we have built to date, and we are excited for the opportunities that lie ahead with their team by our side. We are confident our partnership with NEP will help us achieve our next phase of growth."
NEP has previously made investments in active lifestyle brands including Life Time Fitness, Movati Athletic, The Edge Fitness, Christy Sports and Bowtech.
